New firm moves near to Newcastle Airport boosting local industry
Posted on December 21st, 2009
A company which specializes in green energy and has recently relocated to the North East believes changes in regulations will increase sales to over £40m in the next 5 years.
Vertical Wind Energy who make wind turbines believe the growth in revenue will happen by 2014.
The company was started in Northern Ireland and moved to Prestwick Park which is near Newcastle Airport, in the past few weeks.
The regulation change means green power generators will receive a fee from utility suppliers through a new levy.
VWE chief executive Tony Gordon said: “These are exciting time for micro-generators. We expect sales to grow quickly over the coming years.
“Supermarkets such as Tesco and Sainsbury’s are already using this technology and we expect to see our products stimulate a lot of interest in the farming community.
“Our new, larger, 6kw turbine will come to the market in February and we expect this to be of interest to the larger users.
“We will create jobs in the region over the coming years and within five years we believe we can achieve annual sales of around £44m and we could have around 40 employees in the North East by then”
This is good news for the area and VWE established its base near Newcastle Airport with the help of £1.2m of funding led by Newcastle-based venture capital firm NorthStar Equity Investors (NSEI) and North East venture capital syndicate represented by Tiger Corporate Finance.
The company hope to increase jobs in the area as its sales improve which is great news for the North East.
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Filed under Newcastle Airport News |