ENER-G secures £30m funding deal

SALFORD-based engineering firm ENER-G has landed a new £30m credit facility with Barclays which  it said will help to support its overseas growth strategy.

The firm specialises in building plan for the green technology market ranging from energy from waste plants to ground source heat pumps. It has grown from a spin-out from Salford University into a major business that now employs 750 people in 17 countries and employs more than 750 people worldwide.

The £30m provided by Barclays consists of a new £15m term loan and a £15m revolving credit facility.

ENER-G’s group finance director, Peter Southby, said: “We are genuinely excited by the prospects for growth overseas in our business and look forward to strengthening our relationship with Barclays as we continue our development in the future.

Barclays’ relationship director David Culshaw said: “This is a significant moment for ENER-G; it demonstrates our confidence in the business model and provides a blueprint of how visionary companies can achieve their commercial aims with the right support.

“ENER-G is a genuinely global business who has their sights firmly set on further international expansion.”