Ambitious expansion plans for a Cornwall-based company specialising in technology for the oil and gas and geothermal industries are to be supported by almost half a million pounds worth of Convergence investment.
The project, worth almost £1.4 million in total, involves Calidus Engineering consolidating from three bases around Cornwall (in Falmouth and Redruth) to purpose-built workspace, at Treleigh, near Redruth, with facilities for research and development; a laboratory and manufacturing.
It is estimated that employees will increase from 26 to 50 and Calidus aims to double in size over the next two to three years. Calidus is matching £450k of ERDF Convergence investment with £920k of its own.
Calidus MD Nigel Halladay said: “This centralisation means that skilled jobs will be safeguarded and created and we can accelerate our research and development into new products. The company requires an unusual mixture of facilities including a 200m deep borehole within the building for system testing.
“The funding is vital to the company development and triggers recruitment plans for the coming two years whereby we will be seeking skilled mechanical, electronics, software and field/logging engineers.”
“Without the support of Convergence and the South West RDA teams, we would not have been able to contemplate such an ambitious expansion project. The grant expertise of Bishop Fleming was invaluable in guiding us through the detailed application process.”
Carleen Kelemen, director of the Convergence Partnership, added: “This is an excellent example of a Cornwall based business with global connections that is looking for high growth via its own research and development. The ERDF Convergence investment will provide the right environment to help support Calidus’ ambitions.”
Bishop Fleming assisted Calidus in obtaining the ERDF Convergence investment. Ewan McClymont, head of grant services for Bishop Fleming said: “Calidus is an exceptionally innovative company with strong R&D skills. We are delighted to have been able to help Nigel and his team secure the necessary grant funding that will take the company to its next level of high growth.”