Parker Precision, a leading precision engineering firm based in Bilston, Wolverhampton, has taken a significant step towards sustainable growth by installing solar panels to meet its energy needs. The company, which provides precision engineering services to aviation, defense, and petrochemical industries, financed the solar panels through Lloyds Bank’s Clean Growth Financing Initiative. Additionally, Parker Precision invested £12,000 into the project to enhance its commitment to green energy.
In 2021, Lloyds Bank played a crucial role in supporting Parker Precision’s growth by assisting in the acquisition of the precision grinding department from aviation and aerospace component manufacturer, Kepston. The bank also provided funding for the construction of an extension to Parker Precision’s existing site to accommodate the new division and its staff. The recently installed solar panels will alleviate the increased energy demand resulting from the expansion.
The solar panel system, with a capacity of 66.15 kWh, has been strategically installed on the south-facing roof of Parker Precision’s building to optimize electricity generation. These panels now fulfill approximately one-third of the site’s energy requirements, resulting in a substantial reduction of £4,000 in monthly electricity bills. Moreover, the company plans to sell surplus energy generated during sunny periods back to the grid, further bolstering cost savings.
The energy generated by the solar panels has enabled Parker Precision to introduce a reduced evening shift, solely powered by solar energy. This shift is dedicated to urgent customer needs, effectively increasing operational throughput without incurring additional costs. The solar panels also serve the purpose of charging the company’s electric car via a newly installed charging point.
With an annual turnover of £3.5 million and 38 employees, Parker Precision aims to reinvest the cost savings into the business. Part of this investment will be used to upskill the existing workforce and bring on new apprentices. The company aspires to achieve a remarkable 20% growth in turnover this year, leveraging the benefits of sustainable energy practices.
Marc Corns, owner and managing director of Parker Precision, emphasized the significance of the solar panel installation in offsetting rising costs and protecting profits. He also highlighted the investment in a new, more energy-efficient compressor system, which further contributed to reducing operational expenses and enhancing savings.
Ian Littleford, Associate Director, Asset Finance for SME and Mid Markets at Lloyds Bank, and Claire Carr, Relationship Manager at Lloyds Bank, were instrumental in facilitating the solar panel installation. Having supported Parker Precision since 1960, Lloyds Bank’s commitment to the company extends beyond financial assistance. The bank remains dedicated to helping the firm navigate economic challenges while pursuing sustainable growth opportunities.
Claire Carr emphasized Lloyds Bank’s commitment to supporting businesses like Parker Precision in developing a pipeline of future talent and addressing the skills gap in the manufacturing sector. The cost savings generated from the solar panels will enable the company to continue employing local talent while providing opportunities for aspiring apprentices to kickstart their careers.
Parker Precision’s visionary investment in solar energy reflects the company’s dedication to environmentally conscious practices, reducing its carbon footprint while driving profitability and growth. With Lloyds Bank’s ongoing support, the company is well-positioned to achieve sustained success in its industry.