Ledwood Engineering is hoping to capitalise on new commercial opportunities in the renewable energy sector after securing a seven-figure investment.
The Pembroke Dock-based construction firm has received the undisclosed sum from the Development Bank of Wales' £204m Wales business fund, which is financed by the European Regional Development Fund and the Welsh Government.
It follows the company's £50m contract win with GE Steam Power at the Hinkley Point C nuclear power plant as well as Bylor, SABIC, wood, Phillips 66, Flogas, Spirit Energy and Prax Group. Ledwood said the funding will allow it to bid for new work and become part of the supply chain for major offshore wind projects in the Celtic Sea under a new Crown Estate licence.
Read more: Scottish green freeports show huge potential for Welsh equivalent, says Celtic Freeport bid
Celebrating 40 years in business this year, the privately-owned firm is one of the largest employers in south west Wales and provides specialist engineering, fabrication and construction services to energy, production and processing companies.
Its location on Pembroke Dock with 150 metres of quayside and an 11 metre water depth allows the company to supply major plant and equipment worldwide by sea.
Nick Revell, Managing Director of Ledwood said: “We are proud of our track record working for some of the world’s largest and highest profile energy producers and industrial businesses.
“Our team specialises in handling large scale on and off-shore projects so we are well placed to build on our experience in the renewables sector, particularly as so many of our existing skills are transferable.
“The renewable energy market is developing quickly as there is an emerging raft of new technologies being deployed to extract energy. Wind and wave power, tidal projects, hydrogen and solar energy are all increasing in adoption and ever larger projects are being developed, in a bid to ensure that home grown renewable power provides a larger slice of our energy needs.
“Our focus is on building a long-term sustainable future for our business and that means continuing to deliver the high quality work that we are known for while also capitalising on the new opportunities in the green economy. We’re one of many indigenous Welsh businesses that should be given the opportunity to bid for new work and become part of the supply chain for major offshore wind projects in the Celtic Sea. That’s what will create long-term value for our local economy and communities so this investment by the Development Bank comes at a really important time for us.”
Fund manager for the Development Bank of Wales Nick Stork said: "For us, it is all about putting Wales’ potential at the heart of our decision-making process. As a well-established business and large employer in the area, Ledwood certainly has the knowledge, capability and competence to capitalise on opportunities in the renewable energy sector. As a long-term customer, our investment will help Ledwood to take advantage of new opportunities that will benefit our wider economy.”
Read more:
