05 Mar, 2024
2 mins read

$1 million financial support secured by marine Geotech equipment manufacturer

Feritech Global, an engineering firm based in Falmouth has received financial backing from the Cornwall and Isles of Scilly Investment Fund.

Feritech Global specializes in the design, development, and sales of different kinds of marine Geotechnical consumables, Ancillaries, and equipment. They are mostly patronized by geophysical and Geotechnical companies that operate within the marine industry in various offshore operations. 95% of the company’s turnover is usually generated from exports and currently plans to gain new grounds.

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Recently, secured a $ 1 million development loan from the Cornwall and Isles of Scilly Investment Fund to sponsor this objective.

The funds from the CIOSIF will be used by Feritech to boost its stockpile of technical equipment, that customers can either hire or lease. Since the launch of the new Feritech Innovation Centre launched by the company in April, there has been a massive demand for their products.

Services that will be offered in the new facility include manufacture, electronics, product design, embedded software, electrics, 3D printing, hydraulics, and machining.

Rob Ferris, the co-founder and managing Director of Feritech indicated that the new innovation center will create enough space that will boost the company’s growth through the introduction of a new range of solutions that will help them acquire new vital contracts and offer new job opportunities in the locality.

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Tim Williams, the business loan provider and investment manager of FSE Group who helped them facilitate the recent funding commented that Feritech has loyal customers in more the 40 countries all over the world that needs crucial geotechnical surveys. The company also has an efficient management team with strong commercial skills and technical proficiency.

The main objective of the Cornwall and Isles Investment Fund is to provide support to innovative and rapidly developing local businesses.

Growing small businesses within the region are assisted by the CIOSIF through a £40M debt and equity fund between £25,000 to £2M. This financial support is established by the collaboration of the Cornwall and Isles of Scilly Local Enterprise Partnership with the British Business Bank.

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