Battery specialist to get power boost from NPIF loan
Manchester-based battery specialist Cellerate has received an £100,000 loan from NPIF – River & GC Microfinance, which GC Business Finance (GCBF) manages in partnership with River Capital as part of the Northern Powerhouse Investment Fund (NPIF).
Incorporated in 2020 by Dr. Richard Fields, Cellerate manufactures and develops advanced automated systems for battery research and technology scale-up. It specialises in engineering solutions that accelerate the commercialisation of new energy storage technologies to foster a more sustainable future.
Dr. Richard Fields, Founder of Cellerate, said: “The journey Cellerate has been on in just three years is incredible. We are already an industry leader in advanced energy storage solutions and want to continue making a positive impact on the industry through our solutions. It has been great to use my research to positively impact corporations, government bodies, and academic institutions. As we move into our new premises following the funding from NPIF, I look forward to growing the business further and entering this new chapter in Cellerate’s growth journey.”
Andy Nichols, senior loan manager at GC Business Finance, added: “As a Manchester-based business it is exciting to see the impact Cellerate is already having on the industry. Manchester was home to the industrial revolution, so it is great to continue this legacy and support another innovative manufacturing business.
“Becoming a global leader in the battery cell industry within just four years, the success Cellerate has already achieved is incredible. It has been a pleasure to work with Dr. Richard and I look forward to seeing the continued success Cellerate will have.”
Debbie Sorby, Senior Manager at the British Business Bank, said: “The industry-wide success Cellerate has achieved displays the strength of business innovation we have in the North West. Funding from NPIF gives Northern businesses like Cellerate the momentum to continue growing and making an impact in their industry. Delivering regionally focused support throughout the North boosts economic prosperity and allows businesses to flourish. I look forward to seeing the continued success of Cellerate as they continue to bring innovative solutions to the cell battery industry.”
The current NPIF investment phase has now completed with the British Business Bank launching the Northern Powerhouse Investment Fund II in March 2024.
The Northern Powerhouse 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.
