Automotive cleantech firm AVID Technology Ltd has invested over £1m in the expansion of its manufacturing capabilities at its headquarters in North East England.
Ryan Maughan, Managing Director of AVID Technology Group, says: “Our strategy is to increase turnover to £50m in the next 3-5 years by growing our presence in the field of systems electrification.”
The company’s knowledge and pioneering technology is used by manufacturers of heavy duty and high performance electric, hybrid and fuel cell vehicle powertrains for efficient thermal management, lubrication and drive systems.
“We've seen a strong rise in demand for power electronics, motors and controls for non-automotive applications which we are keen to capitalise on by leveraging our skills, assets and brand awareness in the market,” adds Mr Maughan.
