AN EDINBURGH manufacturing company has received a
£1.5 million investment to
extend capacity and increase its workforce.
Vert Rotors, a compressor specialist, said the investment would lead to five new skilled manufacturing jobs immediately, with more to follow. The positions are being filled by former oil and gas sector workers.
The funding round was led by business angel syndicate Equity Gap, alongside venture capital firm Par Equity, US syndicate Aero-Den and Scottish Enterprise, through its Scottish Investment Bank.
Vert Rotors was founded by current managing director Olly Dmitriev in 2013. He commented: “This investment brings valuable highly skilled manufacturing jobs to Edinburgh and allows Vert Rotors to increase our sales outreach.”
Describing Mr Dmitriev as an “outstanding entrepreneur”,
Paul Atkinson, partner in Par Equity, backed Vert to deliver “game-changing technology with global market potential”.
The company’s patented technology – which is manufactured in Scotland
– increases the efficiency of devices that turn engine power into compressed air, in a compact unit. This results in a reduction in vibration and noise, which makes the technology attractive to aerospace and medical industries.
Vert’s customers include Fortune-500 manufacturing companies in the EU and US;
75 per cent of its customers are outside the UK.
Last year, Vert won a contract with the UK Centre for Defence Enterprise (CDE) to develop a prototype of the low-vibration cooling system that could significantly improve the quality and resolution of infrared imaging in small surveillance satellites.
CDE is part of Defence Science and Technology Laboratory, an executive agency, sponsored by the Ministry of Defence.
Technology of this kind is in high demand. Compressed air accounts for 10 per cent of industrial electricity demand and the total global market for industrial compressors is expected to reach more than $13.5 billion by 2017, according to Frost Sullivan.
Kerry Sharp, head of the Scottish Investment Bank, said Scottish Enterprise was delighted to further invest in
the business. “Its efforts to support former oil and gas workers is exemplary and contributes to the Energy Jobs Taskforce’s aim to support individuals affected by the downturn, through helping them find new employment opportunities both within and outside the sector,” he said.
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