The Northern Powerhouse Investment Fund II (NPIF II) has made a major investment into a contracting firm specialising in renewable infrastructure installations.
LBM Group, an electrical contracting firm specialising in solar PV technology, battery energy storage system (BESS) installation and electric vehicle (EV) chargepoint installation, has secured a five-figure loan from NPIF II. The firm intends to use this funding injection to recruit two additional full-time engineers and an admin team, supporting the firm’s growth in the renewable energy infrastructure sector.
NPIF II is a £660 million investment fund designed to support sustainable economic growth throughout the North of England. Investment loans are available to small and medium sized businesses in amounts between £25,000 and £2 million.
The loan was secured with the support of NEL Fund Managers and marks NPIF II’s first investment in the Northumberland area.
Mark Hedley, managing director at LBM Group (NE) Ltd, said: “Securing this investment from NPIF II has been pivotal for our business. It has provided us with the financial flexibility to expand our team and invest in the tools and vehicles we need to meet the growing demand for our services, particularly in the renewable energy sector.
“This funding has allowed us to not only fulfil existing contracts but also position ourselves for future opportunities. NPIF II’s support has been instrumental in continuing our growth journey, enabling us to scale up faster and continue delivering for our clients.”
Sarah Newbould, senior manager at British Business Bank, said: “LBM is an example of the kind of ambitious business that NPIF II was designed to support. It not only contributes to economic growth but also plays a role in advancing sustainability on a broader scale. By installing solar panels and EV chargers, the firm is directly supporting the transition to a more sustainable Britain. We hope it will inspire other local businesses to explore how NPIF II can support their growth and sustainability initiatives.”
Susan Snowdon, investment executive at NEL Fund Managers, added: “LBM’s impressive track record and clear plans for the future made a compelling case for investment and they’re now well equipped to start realising more of their growth potential.
“We’ve worked with many innovative North East firms that are focused on low carbon and renewable energy technologies, and are very pleased to be extending our involvement in these sectors through this latest investment.”
