Ryse Energy secures funding to fulfil global orders
Fylde-based renewable energy firm Ryse has secured a six-figure loan from Lancashire’s Rosebud fund to tackle its order backlog.
The company specialises in off-grid and remote renewable energy systems. It is are a primary manufacturer of wind turbine products ranging from 3 to 60 kW capacity per unit and is behind more than 4,000 installations across seven continents.
The loan has been used for working capital to fulfil sales backlogs caused by the global pandemic, and to set up a global office in Abu Dhabi, United Arab Emirates, to take its technologies into new markets.
The funds have also supported the business in recruiting staff to its base in Lancashire. The new roles include a number of finance and administration employees, as well as new field services, engineering and manufacturing team members. These new hires have helped the business to fulfil several orders that had been delayed by the lockdown.
Ryse Energy was introduced to the Rosebud fund by Tiffany Solender, International Trade Adviser at the Department for International Trade. The fund is managed by GC Business Finance (GCBF) on behalf of Lancashire County Developments Ltd. It provides loans of £10,000 to £300,000 to businesses in a number of high-growth sectors.
Alistair Munro, Managing Director of Ryse Energy, said: "As a primary manufacturer our business was impacted by Covid-19 as we could not fulfil orders or secure opportunities during lockdown. Coupled with this, we weren’t eligible for the Coronavirus Business Interruptions Loan Scheme, so we are thankful to Tiffany for introducing us to the team at Rosebud."
Matt Robinson, fund manager for Rosebud, said: "It’s always great to work with a company with a real sense of purpose, and Ryse Energy had exactly that. It was a pleasure to work with Alistair, Iain and the team, and it’s pleasing to see the firm not only planning global expansion, but also seeking to create employment opportunities for people across Lancashire."