Manchester-based battery tech specialist, Cellerate, has seen turnover increase 60% following a £100,000, 2023 loan from NPIF – River & GC Microfinance, managed by GC Business Finance in partnership with River Capital as part of the first Northern Powerhouse Investment Fund (NPIF).
Founded in 2020 by Dr. Richard Fields, Cellerate manufactures and develops advanced automated systems for battery research and technology scale-up. It specialises in engineering solutions that optimise the quality, performance and longevity of energy storage technologies, supporting the transition to a more sustainable future.
Following strong early demand for its products, the funding secured from the first NPIF enabled the business to relocate to a larger, custom-built premises in the heart of Manchester, as well as invest in advanced battery manufacturing equipment.
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Since then, Cellerate has expanded its customer base from eight to 40 clients, while taking on larger and more complex contracts that reflect increasing demand for its capabilities. This momentum has driven a significant rise in yearly revenue, increasing from £1m to £1.6m since the funding was realised.
The company has also expanded further internationally across Asia, Europe, and North America, continuing to design and manufacture all products in-house at its Manchester facility.
The business is committed to accelerating the development of next-generation energy storage solutions globally, and is investing in talent through PhD and postdoctoral research at the University of Manchester and contributing to a €20m Horizon Europe-funded Materials Acceleration Platform.
Looking ahead, the company is developing pilot-scale manufacturing equipment to support organisations moving from research to full-scale production, while exploring new materials beyond lithium-based batteries. To support this growth, Cellerate is looking to further grow its team, with plans to hire up to five new engineers to drive forward its latest projects.
Founder Dr Fields said: “Since securing the funding from the first NPIF, we’ve grown more than we could have imagined. It’s enabled us to expand physically, giving us the breathing room to grow our customer base, expand into international markets and develop new products, while continuing to drive forward development in battery technology.
“The support we received from the GCBF team has been instrumental in helping us scale at pace, recognising both our commercial and academic expertise as we continue to expand and push the boundaries of battery innovation.”
Andy Nichols, senior loan manager at GC Business Finance added: “The journey Cellerate has been on over the past couple of years has been remarkable. They’re a great example of how funding from the first NPIF has supported innovative Northern businesses to scale and achieve strong national and international reach.
“By supporting their move into a purpose-built facility and continued innovation, this funding has helped unlock significant growth, expanding their customer base globally and developing cutting-edge technologies. I look forward to seeing what Richard and the team achieve next, while continuing to foster economic growth and create highly-skilled jobs and opportunities in the region.”
The British Business Bank has now launched the £660m Northern Powerhouse Investment Fund II (NPIF II) which covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
