Funding from Finance Yorkshire will allow a Barnsley manufacturer to export its products to customers in the US and Canada.
Static Solutions, which manufactures anti-static paint spray guns for a range of industries, has attracted a £55,000 Business Loan from the funding body.
The investment will be used to purchase tooling for a new product, an anti-static ionising gun aimed specifically at the automotive market in the US and Canada. It is the third time Finance Yorkshire has invested in the business since it was established in 2003.
Finance Yorkshire’s investments to date have created and safeguarded 9,656 jobs across Yorkshire and the Humber, increased turnover by £280 million and generated private sector leverage of £173 million.
Since its formation Static Solutions has developed a range of unique products which reduce the impact of static electricity in manufacturing industries. In the automotive sector, its ionising systems eliminate costly re-work by removing dust and dirt inclusions resulting from the static generated by the paint finishing process.
Commenting on the investment, Static Solutions’ commercial director Vicky Hirst said: “The capital from Finance Yorkshire will assist with tooling and patent costs for the Pro-Start, a smaller, more cost-effective version of our existing spray gun. It is aimed specifically at the US and Canadian automotive markets, where there is a growing awareness of the problems caused by static, and the imperfect finish it causes.
“There are well over 30,000 body shops in the US, so the potential for a product which reduces costly re-work, is clear to see. The adverse effects of static in the paint-finishing process haven’t really been understood or realised, but that is now starting to change, both here in the UK and overseas, and we are confident of the demand for our product.
“To date we have sold around 800 anti-static guns to body shops in the UK and plan to introduce the Pro-Start here within the next 18 months.”
Finance Yorkshire chief executive Alex McWhirter said: “Our Business Loan investments enable SMEs across the region to achieve business success through job creation and growth.
“Our latest investment in Static Solutions demonstrates the valuable role Finance Yorkshire plays in supporting innovation and business growth across a range of sectors including manufacturing.”
Finance Yorkshire portfolio manager David Ward said: “Static Solutions has shown steady and consistent growth since its formation, with an innovative range of products which bring real cost and productivity benefits to the end-user. We are confident that the new Pro-Start gun, with its size and cost advantages, will be very successful, both here in the UK and in the US and Canada.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, UK Government and match funding from the European Investment Bank.