A manufacturer of smart energy tech has secured new funding to help it through the coronavirus lockdown.
Powerstar, which employs 80 people at its head office in Sheffield and manufacturing facility in Bromsgrove, manufactures products for areas such as voltage optimisation, energy storage and distribution.
The company operates across the food, leisure, industrial, retail and healthcare sectors and has recently provided energy-saving technology to a number of NHS hospitals.
BusinessLive is your home for business news from around the country – and you can stay in touch with all the latest news through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we’ll send out breaking news alerts for any stories we think you can’t miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
It has agreed an undisclosed new funding deal with HSBC UK through the Coronavirus Business Interruption Loan Scheme which will support the company’s continued operations throughout the pandemic and fulfil orders in the UK, Europe, Australia and the US.
Chief sales officer Iain France said: “It’s been a tremendous effort over the past couple of months to look after our customers and our staff.
“The support from HSBC UK has enabled us to continue our usual operations during this uncertain period, giving us the breathing space to develop new, creative solutions to meet our customers’ changing requirements.”
HSBC UK area director David Ramsden added: “Providing the right support for our customers is crucial during this uncertain time.
“We were pleased to be able to support the team at Powerstar and provide them with additional financial stability during this period as they deliver the latest smart energy technologies to their customers.”