Sprint Electric continues to accelerate its expansion programme with a further £1.9 million investment from Foresight Group.
The private equity group, who invested £2million in Sprint in 2023, is also sharing industry connections and strategic advice with Sprint as part of a partnership designed to deliver rapid global growth.
Sprint have put in place a knowledge transfer partnership with University of Nottingham to facilitate new product innovation. Mark Gardiner, Joint MD at Sprint, pictured on the left.
Sprint have now raised a total of £4.7 million investment in the last 12 months alone. In 2023, Sprint received £2 million of private equity investment from the Foresight Group and £500,000 from the Midlands Engine Investment Fund. In March this year, they won £300,000 funding from Innovate UK.
This latest investment from Foresight allows Sprint to enhance its business strategy and look for fresh avenues for growth. At the heart of this is the development of a new generation of AC Drive, providing energy regeneration combined with ultra-low harmonics when controlling electric motors in commercial and industrial applications around the World.
Gary Keen, joint manging director at Sprint confirms: “We partnered with Foresight for their sector expertise, strategic guidance, and sustainability focus. Their support has accelerated our growth, expanded market reach, and encouraged innovation. With their backing, we are confident in our ability to achieve our goals and make a positive impact in the industry,” said Gary.
Some of the highlights facilitated by this investment include: product development that provides access to the £16 billion per annum AC variable speed drive market; creation of three PhD level jobs plus technical hires across operations and R&D; selected as one of 28 winners from 89 companies competing for Innovate UK funding; introducing technology that is expected to save 250,000 tonnes of CO2 emissions in the next 5 years.
