Manufacturer obtains £5.5M funding to back JLR’s Latest EV project
Expert Technologies has been granted a £5.5 million loan by Frontier Development Capital, earmarked for a new contract with Jaguar Land Rover (JLR). This funding will facilitate the development of a ‘body in white’ assembly system at Expert Technologies’ Coventry base, dedicated to a new electric vehicle set to be manufactured at JLR’s Solihull plant.
The loan of £5.5 million will bolster Expert Technologies’ existing £15 million working capital fund, providing substantial financial support for ongoing projects.
Angelo Luciano, CEO of Expert Technologies, said: “The company has seen record activity following the post-Covid hangover of 2022. Electrification is driving new opportunities for our business, with the launch of new electric vehicles and with manufacturers themselves looking to invest in new plants to support the move to net-zero production.
“However with major projects of this type, it is essential to have the right finance package in place. FDC has been very supportive over the years. The funding they have provided has enabled us to take on larger contracts and helped to drive the growth of the business.”
Marie Kelly, investment director at Frontier Development Capital, said: “Expert Technologies is an innovator in the field of manufacturing technology and in the coming years will play a key role in helping the industry to move to net-zero production. The company has gone from strength in recent years. We are pleased to be supporting this latest project, which will help to support manufacturing jobs in the Midlands and position the business as a leader in intelligent manufacturing technology.”