Hayle-based Triskel Marine is the latest company to receive funding from the Cornwall and Isles of Scilly Investment Fund.
The marine engineering business, which trades as Integrel Solutions, completed a £3.2 million funding round, which included £1 million from CIOSIF and matched funding from private investors in the United States. The deal follows a £350k loan from CIOSIF earlier this year.
The funding will be used to drive the growth of the business internationally, in addition to creating eight new positions from its base in Cornwall. It will also allow the completion of current R&D projects to introduce e-drive and torque boost technology to the Integrel product range.
Triskel Marine’s Integrel technology collects excess energy from a boat’s inboard engine that would otherwise go to waste, storing it in batteries for later use. This energy can then be used around the boat to power lights, ovens, air conditioning, refrigerators and water makers, reducing overall power consumption, lowering marina costs and negating the requirement for noisy generators.
MD, Trevor Howard, said: “Our goal is to become the go-to option for boat builders and owners who seek a lighter, quieter and more power efficient generation choice.
“We have already established strong relationships in the marine sector and we’ll be building on these in part by developing our technology for larger vessels, and move into e-drive and torque boost which will expand our market and give even more customers access to our innovative tech.
“This equity funding round is key as it will enable us to hire new local staff to develop our systems, support our clients and ultimately grow our business.”