Energy expert powers growth through award of six-figure Rosebud loan
High-growth renewable energy business Ryse Energy has secured a six-figure loan from Lancashire’s Rosebud fund, managed by GC Business Finance (GCBF) on behalf of Lancashire County Developments.
The funding will support increased demand for Ryse’s products. Ryse Energy is a leader in off-grid and remote renewable energy systems.
With more than 4,000 installations across all seven continents, Ryse Energy is a primary manufacturer of a wind turbine range of products from 3-60 kW capacity per unit.
Its team of close to 40 staff globally combine their innovative wind technologies with solar PV and energy storage to create bespoke and reliable renewable solutions across a variety of sectors, including off-grid infrastructure applications such as telecoms and oil & gas, to community power for rural electrification.
When Ryse Energy sought additional funds to meet increased demand, it was introduced to the Rosebud fund by Tiffany Solender, international trade adviser at the Department for International Trade.
The business has since used the six-figure loan for working capital, fulfilled sales backlogs, and set up a global office in Abu Dhabi, United Arab Emirates, to take its proven technologies into new markets.
The loan has also supported the business in onboarding staff to its base in Lancashire including a number of finance and administration employees, as well as new field services, engineering and manufacturing team members.
These new hires have helped the business to fulfil several orders that had been delayed by the lockdown.
The Rosebud fund, an £11.25m fund intended to create in excess of 100 jobs per year, provides business finance to growing businesses in Lancashire County Council’s administration area, backed by Lancashire County Developments Limited. It provides loans of £10,000 to £300,000 to businesses in a number of high-growth sectors.
Alistair Munro, Ryse Energy managing director, said: “As a primary manufacturer our business was impacted by COVID-19 as we could not fulfil orders or secure opportunities during lockdown. Coupled with this, we weren’t eligible for the Coronavirus Business Interruptions Loan Scheme, so we are thankful to Tiffany for introducing us to the team at Rosebud.
“I’m looking forward to seeing Ryse Energy expand into new territories. With our international office established in Abu Dhabi and our joint venture in India coming online later this year, I have no doubt that 2021 will see Ryse Energy continue to thrive.”
Matt Robinson, fund manager for Rosebud, said: “It’s always great to work with a company with a real sense of purpose, and Ryse Energy had exactly that. It was a pleasure to work with Alistair, Iain and the team, and it’s pleasing to see the firm not only planning global expansion, but also seeking to create employment opportunities for people across Lancashire.”
Tiffany Solender said: “This is a fantastic example of collaboration and partnership working across the Growth Company network. I am delighted to be working with Ryse Energy and know the local economy will prosper as a direct result of the company’s planned growth and opportunities overseas in renewable energy.”
County Councillor Michael Green, cabinet member for economic development, environment and planning, Lancashire County Council, said: “Lancashire has always been a resilient region, it’s great to see Rosebud Finance continuing to support Lancashire businesses despite the challenges they may face due to the pandemic.
“Supporting Lancashire’s economic growth and creating jobs is the key purpose of the fund so I’m delighted we’re able to support Ryse Energy in doing exactly that.”
Read original article: https://www.thebusinessdesk.com/northwest/news/2074406-energy-expert-powers-growth-through-award-of-six-figure-rosebud-loan
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