Smart energy manufacturer secures funding deal to meet demand
Powerstar, a manufacturer of smart energy technologies, has secured a funding deal to ensure it can continue to serve its customers during the pandemic and protect the future of the business.
Powerstar, which employs 80 people across its head office in Sheffield and manufacturing facility in Bromsgrove, manufactures smart energy solutions including voltage optimisation, energy storage solutions, and smart distribution transformers.
The company operates across the food, leisure, industrial, retail and healthcare sectors, and has recently provided energy saving technology to a number of NHS hospitals.
Having had its most successful year in 2019, the HSBC UK funding through the Coronavirus Business Interruption Loan Scheme (CBILS) has supported continued business operations throughout the pandemic, enabling the team at Powerstar to fulfil orders from customers in the UK as well as export to Australia, Europe and the US
Iain France, chief sales officer at Powerstar, said: “It’s been a tremendous effort over the past couple of months to look after our customers and our staff.
“The support from HSBC UK has enabled us to continue our usual operations during this uncertain period, giving us the breathing space to develop new, creative solutions to meet our customers’ changing requirements.”
David Ramsden, HSBC UK North and South West Midlands area director, added: “Providing the right support for our customers is crucial during this uncertain time. We were pleased to be able to support the team at Powerstar and provide them with additional financial stability during this period as they deliver the latest smart energy technologies to their customers.”