Million pound funding for geotech firm

The loan from the Cornwall and Isles of Scilly Investment Fund (CIOSIF) will enable Feritech Global Ltd to increase lease/hire stock of technical equipment enabling it to meet demand which has increased significantly.

“Feritech is a Cornish success story creating bespoke advanced engineering equipment for customers all over the world. With an eye on the future, they are already helping to meet the demands of new and fast-growing sectors like floating offshore wind, autonomous vehicles and space,” said John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board.

With exports accounting for 95% of turnover, Feritech is a global business with ambitions to expand into new territories this year.

Feritech designs, manufactures and sells a market leading range of marine geotechnical equipment, ancillaries and consumables to a global market. Its customers are geotechnical and geophysical companies which operate across the marine sector in a variety of offshore operations.