24.03.17
RSGF releases £2m funding to drive new composite tube doors production
A £2m funding package for the recently launched Rail Supply Growth Fund (RSGF), managed by Finance Birmingham, has been announced, allowing company Penso to push forward with innovating work on new composite designs for train doors.
The RSGF is supported by the Department for Business, Energy and Industrial Strategy, providing flexible loans of £500k to £2m to enable businesses in the rail sector to expand capability and capacity for innovating projects.
The cash will be put into the development and production of new composite designs for doors used on London Underground trains being built by Penso at their Coventry site, which the company hope will pave the way for the same design to be used on any rail network worldwide.
Penso is a technology-led business promoting engineering and building and prototyping new designs, and have recently entered the rail industry with its in house engineering and composite capabilities at its base in Coventry.
The design is one of the first production capable lightweight composite train doors, and has been accredited by London Underground for its services. The doors will be significantly lighter and allow for quicker door opening and closing times – something that will provide obvious benefit for passengers using the tube.
This is not the first time Penso have received support from Finance Birmingham for their work. The new £2m support from the RSGF has enabled Penso to move from train door concept design to full production capability, whilst creating new jobs and maintaining part of its existing workforce.
Chris Buckenham, finance director at Penso Group, commented: “Finance Birmingham is able to support our Business in a manner that matches the market opportunity.
“They understand our business and the challenging area of moving innovation and R&D through to commercial application.”
Buckenham added that flexible funding packages were often not available in the commercial debt market, making money from the RSGF “extremely valuable to our Business model of high investment and introduction of innovative technologies”.
Jack Glonek of Finance Birmingham said: “We are really pleased to provide Penso with a further funding package that can support their ability to fast track the innovation and production of their new composite doors for trains.”
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