Leicestershire-based Hypermotive is to be ahead of the curve as the automotive engineering business receives a funding boost, increasing its specialism in futuristic electric cars.
Located in Lutterworth, Hypermotive specialises in delivering bespoke solutions for electric vehicle integration and works with many of the major automotive manufacturers as well as some of the biggest names in the motorsport industry, niche vehicle manufacturers and technology developers.
Set up 18 months ago by Adam Huckstep and Jeremy Bowman, the 16-strong firm was recently announced as one of the fastest growing business in South Leicestershire and is planning to capitalise on this success by using this investment to develop its own manufacturing capabilities – a crucial result in allowing Hypermotive to take on bigger contracts.
Adam Huckstep, managing director at Hypermotive, said:
“Building on both Jeremy’s and my own strong industry experience, Hypermotive has achieved much in the short time we have been operating. Our fantastic team – all of whom we’ve had to handpick due to the specialist nature of our industry – have allowed us to secure contracts with Formula One brands and up and coming electric car manufacturers.
“While a fast growing business, our young age meant that traditional high street banks wouldn’t consider lending us money so we had to look at alternate options, which is when I heard about the MEIF. The investment from Enterprise Loans has enabled us to expand the business and, in particular, grow our own manufacturing capabilities, securing larger contracts as a result.”
Mayah Riaz, loan fund advisor at Enterprise Loans East Midlands, said:
“The UK is an absolute hotbed for R&D at the moment so coupled with Adam and Jeremy’s experience, knowledge and passion I’m not surprised that Hypermotive is doing so well.
“The electric car industry is currently quite niche but given new automotive legislation such as most new cars having to be electric by 2030 and a total ban of diesel and petrol cars by 2040 I would say that Hypermotive is quickly setting itself up as a forerunner in this potentially huge industry. We wish them the best of luck.”
Lewis Stringer, MEIF senior relationship manager at British Business Bank, added:
“By supporting this experienced, engineering team in Leicestershire, the MEIF is not only helping to grow an innovative firm, but also encouraging further developments in a rapidly evolving industry. Hypermotive is well placed to take advantage of new market opportunities and we look forward to seeing the business go from strength to strength.”
Kevin Harris, Chair of the LLEP, said:
“It’s fantastic to see another Leicestershire business accelerate their growth with a cash injection. Hypermotive is an example of why we support the Midlands Engine Investment Fund – small businesses need these opportunities to access the finance that will open new markets and bring sustainable, long-term success.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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