25th April 2017 – Hyperdrive Innovation, a technology developer and manufacturer of high performance energy systems for electric vehicles and battery energy storage, today announces it has secured growth financing from Beyond Funding.
Beyond Funding is an innovative new challenger lender launched in 2017 to support rapid growth businesses. The entrepreneurial lender will provide substantial working capital and loan facilities in order to underpin the next phase of Hyperdrive’s growth. Over the last five years Hyperdrive has experienced on average 180% year on year growth in revenue.
Hyperdrive has this year already secured a global supply agreement with Nissan to incorporate it’s li-ion battery cell technology into its new universal battery packs The company has identified a range of customers for this technology, including autonomous passenger transport and off-highway vehicle OEMs, and is exploring a number of other emerging opportunities in stationary battery energy storage. The company’s growth strategy includes scaling up manufacturing output of both bespoke and modular systems as well as the licensing of its technology.
Hyperdrive has also strengthened its management team and recently appointed Allan Cairns as its CEO. An engineering professional and successful entrepreneur, Allan brings 30 years of experience in the energy industry. Andrew Lapping, founder of Hamilton Capital Partners, takes on the role of Non-Executive Chairman. Andrew heads a consortium of investors that includes Rivers Capital.
Serial investor Andrew Lapping commented, “Hyperdrive is at a very exciting stage in its development, and it is therefore very pleasing to secure the additional financing that will help it reach the next stage of its growth ambitions. Hyperdrive has developed disruptive technology to vastly accelerate the uptake of zero emission vehicles and efficient energy storage. The challenger lender model offered by Beyond Funding is attractive as it provides the flexibility we need to drive the continued growth of the business.”
Ravi Sharma, Corporate Finance Director of Beyond Funding said “Hyperdrive is exactly the kind of business which we are keen to support. The business is going through a significant growth phase with expanded in-house capabilities, investment in IP and new product development. We believe we can help the company through our value proposition and look forward to working with management closely over the next year”.
Last month Hyperdrive was placed number 13 in the first ever Northern Tech 100 league table. The league ranks the top 100 fastest growing tech companies across the North.