A Doncaster-based entrepreneur, who secured a significant contract to deliver ground-breaking research into laser technology and its use in the energy industry, has secured a six-figure cash injection from alternative lending provider Finance For Enterprise.
Experienced engineer Peter Brown launched Rossington-based Laser Additive Solutions in 2014 to help businesses embrace new manufacturing techniques, and since then, the company has specialised in delivering a wide range of projects on behalf of the aerospace, energy and transport sectors, where it counts blue-chip organisations and SME businesses amongst its growing client base.
Last autumn, the company was appointed as the lead member of a research and development consortium to investigate how innovative laser technology could be harnessed within the nuclear industry, helping to minimise risk and present cost savings during the construction of nuclear power stations.
Recognising the new project would require a significant investment in raw materials, as well as needing to build a special facility within the company’s headquarters to house the equipment used during the research programme, and unsure how to access the vital funds needed to support its future growth plans, the company turned to Finance For Enterprise for help.
Using the Government-backed Coronavirus Business Interruption Loan Scheme, Investment Manager Ian Howson helped Laser Additive Solutions to secure £105,000 of loan funding, helping to cover a substantial portion of the funds needed to realise their plans.
Since securing the loan, Laser Additive Solutions has successfully built a new laser process cell, which will be used as part of its R&D programme, as well as welcoming two new staff members to its workforce.
Today, Laser Additive Solutions employs five full-time members of staff and counts Siemens, Rolls Royce and Strathclyde University amongst its growing client base. The SonicSMR project is a 12-month collaborative R&D project funded by the Department for Business Energy and Industrial Strategy and aims to address the challenges posed by using metal additive manufacturing in the nuclear industry. Consortium partners include the University of Sheffield’s Nuclear AMRC, Brunel Innovation Centre, IVY-TECH and Taraz Metrology.