Norfolk marine tech business secures six figure funding for growth

A Norfolk business has secured a £155,000 investment from the East of England Regional Growth Loan Scheme, managed by The FSE Group, which will support the purchasing of new equipment, further product development and the hiring of 4 new staff members.

Lazerthrust are the developers of next generation marine technology products, which are 3D printed and assembled from their site in Norwich. Their products which are currently being developed include low drag electric marine craft that can travel from Norwich to Amsterdam in two hours, without using stored energy, and small leisure craft for inland or light coastal use.

Alongside their marine work, Lazerthrust also use their 3D printers to produce equipment for major UK water utility companies. To ensure that the equipment is of high quality and most importantly of high strength, the business built their own 3D printers using an entirely new approach that has never been utilised in their sector.

To date, printers capable of making products that are even close to meeting the requirements and quality that come as standard to Lazerthrust customers are not available to purchase.

Maurice Briggs, Founder and CEO at Lazerthrust said: “This funding comes at a key point in time as we continue to develop our existing products whilst innovating new problem solving equipment. 3D printing is a fantastic solution, as it is limited only by your imagination.

“The eco benefits are also outstanding. We are extremely proud that a high proportion of our products are recyclable with some of the equipment we produce being 100 per cent recyclable. Working in the marine sector means this is especially important as we are well aware of the damage that man made waste is having on our environment.

“Our thanks go to Simon and The FSE Group for helping us secure this funding which will enable us to continue pioneering new approaches by developing our products and increasing our staff team.”

Simon Elliott, investment manager, at The FSE Group, added: “Lazerthrust is an exciting company that we are glad to be supporting as they reach into existing markets and provide them with products that offer higher performance and sustainability than those traditionally available to them.

“Maurice and his team bring a passion for innovation to both the marine and utility company sectors, and the eagerness from leaders in these fields to collaborate with Lazerthrust demonstrates the increasing desire for a fresh perspective. We look forward to seeing the roll out of even more pioneering solutions and are delighted to be a part of the company’s growth journey.”

The Regional Growth Loan Scheme (RGLS) is managed by The FSE Group on behalf of Local Enterprise Partnerships in the East of England. Loans between £50,000 and £500,000 are available to established incorporated businesses based within the East of England that have a minimum annual turnover of £100,000.

The funding can be used for a range of growth activities as well as to service short to medium-term trade and contract finance requirements. The scheme aims to stimulate job creation and economic prosperity and supports SMEs that have the potential to deliver high-growth and employment opportunities across the East of England region.

By Mark Adair – Correspondent, Bdaily

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