Maven leads investment in electric and hybrid vehicle specialist AVID
Maven has led a £7 million investment round in Northumberland based AVID Technology Group, a leader in the manufacture and design of components for electric and hybrid vehicles. The transaction includes £2.75 million from Maven’s VCTs, £1.75 million from the North East Development Capital Fund, supported by the European Regional Development Fund and managed by Maven, and £2.5 million from existing shareholders.
AVID specialises in the manufacture and development of powertrain components and propulsion systems for heavy-duty and high-performance electric and hybrid vehicles. Its product range includes constituent parts for battery systems, power electronics, thermal management systems and traction motors.
The electric and hybrid vehicle industry is undergoing significant growth as car, bus, truck and off-highway machinery manufacturers radically diversify their business models away from a single focus on internal combustion engines and shift to electrified powertrains in order to meet CO² and air quality challenges. A number of Original Equipment Manufacturers (OEMs) have announced ambitious plans for fully electrifying their product ranges with major announcements and product launches from BMW, Jaguar Land Rover, Mercedes, Porsche and Volvo Construction Equipment in recent weeks.
Increased environmental measures, such as stricter government legislation and newly launched carbon initiatives, alongside changing public attitudes towards electrification as a means to reduce emissions, have all contributed to the current strong market dynamics.
The funding will enable AVID to increase production volumes of its current component product range and enable the firm to invest in further development of class-leading electric motors, power electronics and battery systems for its impressive blue-chip client base. Details of recent contract wins for AVID with Jaguar Land Rover and Caterpillar can be found on their website.
“Maven is delighted to lead the fundraising in AVID, one of the leaders in its field, developing a global reputation in electrification solutions for heavy-duty and high-performance vehicles. With an increasing demand for automotive electronics and powertrain technology, we are pleased to support the business as it extends its range of services and expands its research and manufacturing capabilities. AVID is addressing very real issues around energy consumption and exhaust emissions and we look forward to working with Ryan and the team to help deliver its sustainable transport strategy to provide cleaner air.”
Jamie Fraser, Investment Manager at Maven
“We are very pleased to welcome Maven as part of this latest investment round. AVID is experiencing unprecedented demand for its products and services and we are looking forward to delivering on this growth potential with the support of our new and existing investors.”
Ryan Maughan, Managing Director at AVID Technology