Modular train manufacturer to fast track growth plans with £1.5m boost
A designer and manufacturer of modular trains is set to grow its workforce and move to a larger site after securing a £1.5m loan.
Vivarail will use the cash injection from Midlands Engine Investment Fund Debt Finance, managed by Maven Capital Partners, to scale up operations and create five jobs.
The Stratford-Upon-Avon firm specialises in developing a range of hybrid, electric and battery solutions for rail carriages and systems.
The company offers a unique proposition to the rail industry and has designed and implemented modular and interchangeable power systems which enable trains to be easily converted to run on batteries.
Vivarail designs and manufactures trains based on existing bodyshells and bogies as part of its focus on reducing carbon waste. The company has taken orders from customers including West Midlands Trains, Transport for Wales and South Western Railway.
Ian Wenman, finance director at Vivarail, said: “We are delighted to receive this funding package from MEIF Maven Debt Finance. As a business, our focus is to continue to develop environmentally friendly solutions for the rail industry. We look forward to taking this next step in our growth journey, relocating to a larger site and expanding our team.”
Demetri Theofanou, investment manager at Maven, said: “Vivarail is a significant Midlands-based business that has developed some very interesting technology that will help the rail sector reduce its environmental impact and carbon footprint. We are delighted to help finance this innovative business and look forward to seeing it embark on its growth journey.”
