A Teesside energy and water services firm has secured a £750,000 loan to create new jobs and expand the company.
Billingham-based Cenergist works across the UK, Europe, India and the Middle East to help public and private clients achieve energy, water and financial savings.
The loan, from the Northern Powerhouse Investment Fund, is the latest to come through FW Capital, following three other funding packages in 2015, 2017 and 2018. In total, the company has now received £1.85m.
Cenergist operates from offices in Billingham, Washington and London. It has two subsidiaries based in Spain and India focussed on delivery to local markets, 31 staff in the UK and three divisions - energy infrastructure, consulting and water services.
It is planning to use the new finance to launch new revenue streams, scale-up, deliver new contracts, create eight new roles and open a call centre in Billingham.
Managing director Mitesh Dhanak said: “Our fantastic partnership with FW Capital has stood the test of time. From the first investment they made into Cenergist in 2015, to the most recent £750,000 funding, FW Capital have truly understood our business and helped us to reach our ambitions and generate significant turnover.”
Keith Charlton, senior investment executive at FW Capital, said: “Cenergist has now received £1.85m in funding from FW Capital, which has helped the company grow from five to 45 people worldwide in 2019.
“The impact of this most recent round of funding will be huge. Not only are we creating new jobs, but we will be helping Cenergist to open up lucrative new revenue opportunities, which will protect employment and allow the company to continue to grow.
“This is a perfect example of the power of the Northern Powerhouse Investment Fund to generate inward investment into Teesside.”
The Northern Powerhouse Investment Fund project is funded by the European Regional Development Fund.
