Engineers secure 7-figure funds package, in bid for growth in renewables
DERBY engineering consultancy Scitek has received a seven-figure funding package from NatWest to create purpose-built office space and a research facility as it drives forward its ambitious growth plans and expands into the renewables sector.
Scitek specialises in the research and development of a wide range of engineering services. Its clients cut across the aerospace, defence, power generation and automotive sectors.
The funding from NatWest has been used to build the offices and a factory research facility in Victory Road, Derby, after the business outgrew its previous premises.
Construction of the 13,000 sq ft space finished in December 2020 and the firm was able to officially open this month, following an easing of Covid-19 restrictions.
The new site will present significant growth opportunities for the company, increasing its capacity and capabilities to handle larger engineering projects, as well as expand its in-house testing facilities. It will also enable Scitek to further diversify its work in the renewables sector; the firm is already working on a number of hydrogen related research projects.
Founded in 1997 by Dr Marios Christodoulou, Scitek employs a highly skilled workforce of 24 employees. To facilitate its growth plans, the firm will look to increase its workforce by four employees within the next two years.
Dr Christodoulou said: “The new premises in Victory Road funded by
NatWest will allow us to keep expanding into new, exciting projects. Moving forward, it is important for Scitek to remain adaptable when taking on new projects in different sectors that we have not worked within before – for example, renewables.”
Mark Jones, senior relationship manager at NatWest, said: “NatWest has worked with Scitek over a number of years, and as a result has established a strong relationship with the company.
“We have previously offered international trade facilities to Scitek, to allow the business to undertake a number of export contracts. After seeing the positive impact these have had on the business’ growth, NatWest were happy to support in the latest round of funding and we look forward to witnessing Scitek’s progression.”