Penryn-headquartered Inyanga Marine Projects has completed a multi-national £2 million capital raise.
The funding comprises a minority £800k equity investment backed by the Cornwall and Isles of Scilly Investment Fund (CIOSIF) and £1.25 million debt facilities.
The equity investment round was led by The FSE Group (the appointed fund manager of CIOSIF) with investors including CIOSIF, French company SerEnMar’s Ship As A Service (SAAS) and private investors. Debt facilities are being provided by Cyan Finance and Lombard.
Formed in 2017 by Richard Parkinson, Inyanga Marine Projects provides expert operations services and engineering design within the offshore renewable energy sector (including tidal, offshore wind, wave and solar).
The sector is thriving as part of global moves towards a net zero carbon economy with Cornwall and the UK particularly active. Climate Change and creating a greener future is at the top of the agenda for this week’s G7 summit in Cornwall.
The investment is being used to fund the expansion of the business, including the purchase of DP2 Multi-Purpose Vessel, Inyanga Entsha, that will be based out of Falmouth. Inyanga has a growing team of 15 professionals and is involved in some of the most ambitious offshore green energy projects including St Brieuc Offshore Windfarm, Minesto’s Holyhead & Faroe Islands installations and Sabella D10 tidal energy project.
Hervé Allaire of SAAS will be joining Inyanga’s company board as the two businesses embark on a closer partnership leveraging their complementary offerings. Martin Macey led the investment on behalf of FSE and will be joining Inyanga as board observer.
Richard Parkinson, CEO at Inyanga commented: “Martin and the team at FSE went above and beyond to help us plan and structure the capital raise. Their commitment was evident throughout and we are delighted with the outcome.”
Martin Macey, investment manager at FSE Group, added: “It is a privilege to work with Richard and the team at Inyanga which comprises some of the world experts in offshore renewables. We look forward to helping scale this innovative business in such an important sector.”
The £40 million Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25k to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
Advisers on the transaction were: Field Seymour Parkes (FSE legals), Murrell Associates (Inyanga legals), Lang Bennetts (Inyanga tax) and Mylor Ventures (Inyanga corporate finance).
