Hex Energy has received a £250,000 funding package from MEIF Maven Debt Finance, part of the Midlands Engine Investment Fund backed by the British Business Bank following an introduction from the team at the Coventry & Warwickshire Growth Hub. The funding will fuel business growth journey, contribute to key operational costs, create new roles, and finance the business’s strategic relocation. Based in Nuneaton, Hex Energy designs and installs heat pumps for commercial and residential energy systems. The business was founded in 2015 by CEO Andy Howley, one of only three certified Geo-Exchange designers in the UK. Over the last five years, Hex Energy has installed and supported 75 Residential Energy systems and 20 Commercial systems. Hex Energy has been experiencing a period of growth and the funding to fulfil its current demand and increase its capacity. The business has also committed to moving from its current Nuneaton site to a new facility, also based in Nuneaton. It has recently won two new commercial systems projects via SALIX Financing (Funding public sector de-carbonisation schemes) with Cheltenham & Gloucester Council and Calderdale Council. Hex Energy has a focus on renewable energy, mainly through its ground source heat pumps, which absorb heat from the ground and circulate heat around properties through water, without using any fossil fuel. Its commitment to ESG is well aligned to the goals of the Midlands Engine Investment Fund, which was set up to support smaller, high growth businesses across the region to encourage business, boost the local economy and contribute towards national social and environmental issues. Martin Hadfield, Investment Manager for Maven, said: “This is a terrific opportunity for Maven and the MEIF to support the team at Hex Energy at this exciting time with us contributing to operational costs, increase in headcount, helping to finance the business’ strategic relocation and assisting them with working capital in this period of significant growth. We look forward to being a part of their journey in continuing to install quality heat pumps for commercial and residential energy use.’’ The Midlands Engine Investment Fund is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank.

Nottinghamshire-based Ideagen has embarked on a voyage into new territory with the acquisition of a company that specialises in keeping people safe at sea, Tritan Software. From the health and safety of crew and guest passengers on cruise ships, to offshore platforms and global fleets of commercial vessels, Tritan Software are one of the world’s leading solutions supporting the maritime industry. Speaking about the deal, Ideagen CEO, Ben Dorks, said: “The sea makes for a unique challenge when it comes to safety and health. It’s vast, unpredictable and isolating but is also the route through which a huge proportion of people and commodities journey. “It’s vital that the people travelling or working at sea are protected and Tritan Software’s solutions support some of the world’s biggest cruise and commercial shipping operators to do that.” More than 2,500 vessels travelling the world’s seas and oceans trust Tritan to keep their passengers, crew and operations safe including 95% of cruise lines. They also have a rapidly growing presence in the commercial shipping and offshore industries. Headquartered in Miami, Florida, the company has operations around the world. Tritan Software CEO and founder, Andrew Carricarte, said: “Ideagen provides us with an exciting opportunity to realise our growth ambitions at pace. “We have great products which serve our existing customers well but there’s tremendous scope to do more. Ideagen understand what we want to achieve and share our desire to expand the services and support to the maritime industry and further establish our collective position as a leading provider of health and safety software.” This latest acquisition is Ideagen’s third of 2023 and comes just a week after collaboration tool OnePlace Solutions joined the Ideagen family.

In a new trading update, ahead of Rolls-Royce’s Annual General Meeting today, the Derby firm has hailed making “good progress,” with its financial performance “improving.” CEO, Tufan Erginbilgic, said this reflects positive changes driven by Rolls-Royce’s transformation programme, which is “moving at pace” and previously saw the company cut thousands of jobs, while good end market demand for products and services has been seen. The manufacturer noted that trading has been in line with expectations in the four months to 30 April 2023 and that underlying operating profit guidance (of £0.8-£1bn) in 2023 stands unchanged. Meanwhile an increased focus on efficiency and simplification is helping to keep costs down and has identified savings. Chief Executive Tufan Erginbilgic is due to say at the Annual General Meeting: “We are transforming Rolls-Royce into a high quality and competitive business with a strong balance sheet and growing profit, cash flows and returns. We are already benefitting from the actions we are taking as well as recovery and growth in our end markets. “We announced several changes to the executive team in March to support the transformation, adding leaders with proven track records of delivery and high-performance. We are making good progress and our financial performance year-to-date is in line with expectations. I’d like to thank everyone at Rolls-Royce. “Our financial performance is improving reflecting positive changes driven by our transformation programme workstreams and good end market demand for our products and services. “Supply chain management remains a key operational challenge for us as original equipment and aftermarket services volumes increase, especially in Civil Aerospace. Our financial performance is in line with our expectations at the time of the full year results on 23 February. Our underlying operating profit guidance of £0.8-£1.0bn and free cash flow guidance of £0.6-£0.8bn in 2023 is unchanged. We anticipate our free cash flow generation will be seasonally weighted in the second half of the year, as previously indicated. “In Civil Aerospace, long term service agreement large engine flying hours (EFH) were 83% of 2019 levels in the four months to 30 April, and on track for the 80% to 90% range for the full year, as guided in February. Shop visit volumes and OE deliveries are also on track with expectations. We have continued to win new business including our biggest ever order of Trent XWB-97 engines in the period, with an MoU for 68 engines (plus 20 options) for Air India. “In Defence, we continued our successful run of key programme awards with the announcement that the AUKUS submarine programme will be powered by Rolls-Royce nuclear reactors. In the US, Bell’s V-280 Valor, powered by our AE1107F engines, cleared the protest period, enabling our teams to progress to the next phase, with the first aircraft due to enter into service in 2030. Bell’s V-280 Valor was selected last year by the US Army’s Future Long Range Assault Aircraft programme to replace its Black Hawk helicopters. “In Power Systems, revenue growth is being driven by demand for aftermarket services and exceptionally high order intake in the prior year, especially for power generation solutions. We are getting improved pricing on new orders which will drive margins up with the benefits expected to start showing in the second half of the year. High order intake year-to-date included strong demand from marine customers, including an order for Series 4000 gensets for the U.S Navy’s Constellation Class frigate programme. “Work on the transformation programme is moving at pace. Our increased focus on efficiency and simplification is helping to keep costs down and has already identified savings, for example the closure of our R2 Factory venture. We are encouraged by the early progress of our commercial optimisation and working capital workstreams, with positive results expected to build as the year goes on. Our strategic review is on track and as previously indicated, we will communicate the findings and medium term targets in the second half of 2023.” Rolls Royce’s half year 2023 results will be announced on 3 August.