Expert Technologies Group, a leading industrial automation specialist, has obtained a £5.5 million loan from Frontier Development Capital (FDC) to support its working capital requirements for a significant project with Jaguar Land Rover (JLR). The company has secured an eight-figure contract to develop a robotic assembly system for a new luxury electric vehicle at JLR’s Solihull plant. The assembly system, created at Expert Technologies’ Coventry headquarters, is part of JLR’s plan to invest £15 billion over the next five years in electrifying production at its UK manufacturing sites.
The loan from FDC will assist Expert Technologies in managing the working capital requirements for the JLR project, which involves the creation of a ‘body in white’ robotic assembly system. The project marks one of the largest undertakings for Expert Technologies, which has experienced a surge in activity and contract wins in 2023, resulting in a record order book.
Expert Technologies is a significant player in the industrial automation sector, producing a range of solutions from specialist machinery to complete production lines. The loan from FDC, sourced from the Advance Manufacturing Supply Chain Initiative Recycled Fund and the National Tooling Loan Fund, is the fourth such funding arrangement since 2012, highlighting the ongoing collaboration between the two entities. The loan will supplement Expert Technologies’ existing £15 million working capital fund to support ongoing projects.
Angelo Luciano, CEO of Expert Technologies, emphasized the importance of having the right finance package in place for major projects. FDC’s support has been crucial in enabling the company to take on larger contracts and drive business growth, especially as electrification in the automotive industry opens up new opportunities for the company.
Marie Kelly, Investment Director at Frontier Development Capital, highlighted Expert Technologies’ role as an innovator in manufacturing technology and its pivotal role in facilitating the industry’s transition to net-zero production. The funding from FDC aims to support manufacturing jobs in the Midlands and position Expert Technologies as a leader in intelligent manufacturing technology.