Engineering firm Transmission Dynamics has taken a leap forward in plans to create a new £4.8m base after breaking ground at its construction site.
The Cramlington firm started out as an engineering consultancy and has grown to become a leading Internet of Things specialist, with ambitious growth plans.
The company – which took the innovation award at last year’s Northumberland and Tyneside Business Awards – secured a £500,000 grant from the North of Tyne Growth Fund last year, which it is using to build a new office, warehouse and engineering facility.
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Around 50 new jobs will be created at the new base and Transmission Dynamics’ business development director Jenny Hudson said the move would help the Cramlington-based company realise its growth potential.
Clients include Siemens-Gamesa, ZF Wind Power, Vestas, Park Wind and EWT and many other wind turbine gearbox manufacturers operating globally.
Ms Hudson said: “This new building will enable the team to conduct research and development, manufacture our innovative sensors, crunch data and do the creative thinking required to provide ground-breaking solutions to our clients – all under one roof.
“The North of Tyne as a region is launching into the green economy and we have the expertise and facilities here to make the most of those opportunities, and help the global economy to meet net-zero targets.”
In June, Transmission Dynamics was one of five companies operating in the North of Tyne region selected to showcase their innovative technologies to offshore wind industry giants Equinor and EDF Renewables as part of the Technology, Innovation and Green Growth for Offshore Renewables (TIGGOR) programme.
The successful companies – Transmission Dynamics, Kinewell Energy, SMD, Trident Dynamics and Unasys – each received a share of £1.7m in match funding made available through the first round of the TIGGOR programme’s technology demonstration strand, funded by the North of Tyne Combined Authority.
The authority has partnered with the Offshore Renewable Energy Catapult, which is delivering the programme on its behalf.
The North of Tyne Growth Fund is a £4.6m European Regional Development Fund that aims to support SMEs across Northumberland, North Tyneside and Newcastle to create employment and stimulate business growth.
This summer, the combined authority made it easier for SMEs to gain financial support by lowering the minimum grant threshold from £40,000 to £20,000. It means small businesses with smaller projects are now able to access growth funding.
Delivered by UMi, the North Tyne Growth Fund project is part-funded by the European Regional Development Programme 2014-2020 and part of a £19.75m package of business support mobilised by North of Tyne Combined Authority.
All successful grants applications are appraised by UNW LLP, an independent firm of chartered accountants and business advisers.
North of Tyne mayor Jamie Driscoll said: “Small businesses are the life blood of our local economy. At the North of Tyne, we’re investing to help those businesses grow and to innovate for the future.
“It’s all about creating good jobs for people, supporting small businesses to thrive, and doing it in a collaborative way.”
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