UK engineering company Penso has gained funding from the new Rail Supply Growth Fund, managed by Finance Birmingham, to develop lightweight composite doors for trains.
With the £2m funding, Penso will be able to speed-up production of the new composite doors, which are expected to be lighter.
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The package will also support the company right from concept design to full production capability.
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.”
Furthermore, funding will help Penso in product development and create new direct jobs, as well as support the local supply chain.
Penso Group finance director Chris Buckenham said: “Finance Birmingham is able to support our business in a manner that matches the market opportunity.
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By GlobalData“The provisions of flexible funding packages that are otherwise not generally available in the commercial debt market are extremely valuable to our business model of high investment and introduction of innovative technologies.”
The Rail Supply Growth Fund launched by Finance Birmingham will help businesses tap into the UK’s growing rail supply opportunities.
It also helps businesses across England take advantage of the expansion and modernisation of the country’s rail network.
