Electric vehicle specialist backed with £7m investment

A Cramlington-based electric vehicle components manufacturer has secured a £7m investment to enable it to ramp up production and invest in further research and development.

AVID Technology develops and manufactures powertrain components and propulsion systems for heavy-duty and high-performance electric and hybrid vehicles.

It already has a number of blue-chip customers among its customer base. The company has received £7m in an investment led by Maven Capital Partners' Venture Capital Trusts (VCTs), together with the North East Development Capital Fund, and from AVID's existing shareholders NVM Private Equity and Downing Ventures.

The investment will be used to increase production capacity at its facility on Admiral Business Park, and develop its range of battery systems, power electronics, thermal management systems and traction motors.

Ryan Maughan, managing director at AVID Technology, said: "We are very pleased to welcome Maven as part of this latest investment round.

"AVID is experiencing unprecedented demand for its products and services and we are looking forward to delivering on this growth potential with the support of our new and existing investors."

Jamie Fraser, investment manager at Maven, added: "Maven is delighted to lead the fundraising in AVID, one of the leaders in its field, developing a global reputation in electrification solutions for heavy-duty and high-performance vehicles.

"With an increasing demand for automotive electronics and powertrain technology we are pleased to support the business as it extends its range of services and expands its research and manufacturing capabilities.

"Avid is addressing very real issues around energy consumption and exhaust emissions and we look forward to working with Ryan and the team to help deliver its sustainable transport strategy to provide cleaner air."