The combined sales value of the new business is worth £50 million per year. From its base in Northumberland, the company is developing electric motors and other powertrain components for next generation hybrid and electric vehicles. New customers include an international super car manufacturer, a tier one automotive supplier and two original equipment manufacturers (OEMs).
Ryan Maughan, managing director at AVID Technology, explains: “Innovation is at the heart of what we do. We have been developing powertrain technology for electric and hybrid vehicles for over 12 years and are now seeing the market take off in a huge way.
“As vehicle manufacturers move to electrified drive trains to reduce CO2 emissions and improve air quality, AVID is well positioned to capitalise on rapid growth in the market globally. We have recently appointed a vice-president of business development to run our new USA office in Michigan to grow our presence in the North American market.”
AVID’s core expertise is the design of power electronics and motors used in electric and hybrid vehicle powertrain systems, pumps and fans. The company’s knowledge and pioneering technology is used by manufacturers of high-performance passenger and motorsport vehicles, through to heavy-duty buses, commercial trucks and off highway machinery.
The new contracts include £34 million for the custom development of an integrated electric vehicle (EV) system for a Tier 1 automotive supplier and a global heavy duty truck OEM. £3.5 million to develop and supply customised electric cooling pumps to a major European OEM for hybrid and electric commercial vehicles and a 5 year programme worth £5 million to develop and deliver 48v electrification products to a high performance super car manufacturer.
AVID Technology is currently in the running against eight other UK companies for the highly coveted title of Growth Champion of the Year in the prestigious Growth Investor Awards 2018. AVID is the only North East-based business to reach the final. The frontrunners have been described by the judges as paragons of productivity. To reach the final they have impressed the panel with a meteoric level of growth achieved by combining alternative investment capital with a brilliant development strategy.
In order to scoop the prestigious accolade of Growth Champion 2018, AVID has to impress a panel of experts and the public. The public vote is open until noon on Monday 1 October and the results will make up for 20% of the final score of each finalist. To show your support for AVID Technology Group, please cast your vote at: http://growthinvestorawards.com/vote/
In February this year, the company was named a potential tech ‘Unicorn’ by international investment group GP Bullhound. By being included in the list, GP Bullhound says AVID has the potential to follow the likes of Uber, Airbnb and Spotify to massive growth, which could one day be valued at over $1bn. The company was founded by engineer and entrepreneur Ryan Maughan who is passionate about improving the efficiency of vehicles and lowering their environmental impact through systems electrification. https://avidtp.com/