Covol Engineering has received £50,000 equity and a £150,000 loan from UK Steel Enterprise in addition to £100,000 from NPIF (Northern Powerhouse Investment Fund) – FW Capital Debt Finance.

The consultancy – which was incorporated at the beginning of the year – works with blue-chip companies in the oil and gas, manufacturing, food and power sectors.

Covol Engineering has estimated that it will achieve £700,000 of orders in its first year and aims to double its turnover and employee headcount in the second year.

The company’s 11 employees are highly skilled in electrical, control and instrumentation engineering, while the projects include facility design, improvement of existing plants and engineering consultancy.

•   Renewable energy business receives £100,000 funding
•   AccessPay secures £1m investment from NPIF
•   NPIF provides £31m to northern SMEs

The team is led by Jeremy Gadd, managing director at Covol Engineering (pictured above, right), who has worked on major projects in the sector and previously served at Lucite International, Vertellus Specialities and GSE Systems Ltd.

“The investment package from UK Steel Enterprise and NPIF – FW Capital Debt Finance is allowing us to take the business forward,” Jeremy said.

“It also demonstrates that both investors share our confidence in Covol’s potential for growth, which is also welcome.

“We are also grateful to the team at Archers Law in Stockton-on-Tees, who assisted Covol in setting up.”

Nicky Atkinson, deputy fund manager at FW Capital (pictured above, centre), said: “The impressive Covol management team has the experience and expertise needed to grow the business further through the expansion of its already-strong client base.

“We’re very pleased to be working with UK Steel Enterprise on this investment and look forward to seeing Covol scaling up its operations in the future.”

Also pictured (left): Peter Taylor, business development manager at UK Steel Enterprise.