Staffordshire-based company, Powelectrics Limited has secured a substantial investment package from the Coalfields Funds to support its ongoing development and working capital requirements.

The company, which is based in Tamworth, designs and manufactures a range of sensing and telemetry equipment for use in various commercial applications, including factory automation, process monitoring & control, as well as for remote monitoring of equipment and resources. The company has developed a new product range targeted specifically at the market for the remote monitoring of gas and chemical tanks; a market in which it is experiencing significant growth with the potential for new contracts and distribution agreements. Its product range, currently sold to a global customer base, aims to reduce distribution costs, improve stock management and scheduling and have a positive effect on customer service provided by the user company.

Equity funding was provided by the Coalfields Funds, which are managed by EV on behalf of Communities & Local Government, with banking facilities provided to the company by RBS.

Jonathan Diggines, Chief Executive of EV, commented, “This is the Funds’ second investment in the Midlands in two months and demonstrates a commitment to providing funding to SMEs in the region. We are delighted to be able to support Peter John and his team in taking Powelectrics to the next stage of its development”.

Wayne Thomas, Investment Director at EV who completed the investment, commented, “Telemetry is a rapidly growing market space; the products that Powelectrics has developed within this target market will provide it with significant potential for growth and development of its customer base. We first became aware of Powelectrics twelve months ago and have been impressed with the progress it has made since that time and the market opportunities created by its management team.”

Managing Director of Powelectrics, Peter John, said, “The calibre of Powelectrics’ staff and the quality of the major opportunities that have arisen for the company have enabled us to secure the support from the Coalfields Funds. We can now concentrate our efforts on moving several key projects to the next stage and can look forward to a very bright future”.