Sunday, July 21, 2024

Funding sees automotive remanufacturer drive growth overseas

Grantham-headquartered engineering firm Autocraft Solutions Group has secured a £24 million Asset Based Lending facility from HSBC UK to fund domestic growth and set up new facilities in Europe and the USA.

The facility will directly fund significant growth for Autocraft Solutions Group’s existing UK and European contracts with original equipment manufacturers (OEMs), and as part of the expansion plans, the business is projected to increase turnover by over 50 per cent and to increase its headcount by over 10 per cent.

The funding will also assist Autocraft Solutions Group in accelerating its expansion plans by replicating its REVIVE® facility in Arnhem in the Netherlands at multiple global locations, including Scandinavia, Southern Europe and North America. The first of these locations is expected to open in mid-2025, which will enable the business to grow with existing and new global customers.

The new REVIVE® sites will triage, repair and remanufacture EV battery packs, enabling the business to process 1,400 EV batteries each year. This more environmentally friendly alternative to creating new battery packs will see each facility save around 1,500 tonnes of CO2, six megawatt-hours of electricity and two million litres of water per year.

Mike Hague-Morgan, Executive Director at Autocraft Solutions Group, said: “We are growing the legacy of engine remanufacturing, and we’re also at the forefront of EV technology. HSBC UK’s global capabilities made the bank an ideal partner to support our next phase of growth and international expansion. Importantly, the bank also shares our passion for green-tech and helping our customers in their journey to net-zero.” 

Sam Owen, Business Development Director at HSBC UK, added: “Autocraft Solutions Group is playing an important role in the automotive sector’s transition to net zero, and this deal provides the business with financial firepower to boost supply to the growing EV market. 

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