Development Bank of Wales confirms significant seven-figure investment as Ledwood gears up for new opportunities in the green economy
A significant seven-figure investment by the Development Bank of Wales in Pembroke Dock-based Ledwood Engineering will help the 40-year old engineering company to leverage new opportunities in the renewable energy sector and emerging green economy.
Established in 1983, the privately-owned business is one of the largest employers in South West Wales and provides specialist engineering, fabrication and construction services to the world’s leading energy, production and processing companies. Recent contract wins include a £50 million contract with GE Steam Power at the Hinkley Point C nuclear power plant along with Bylor, SABIC, wood, Phillips 66, Flogas, Spirit Energy and Prax Group.
With a 10 acre (4 hectare) dockside location in Pembroke Dock, Ledwood benefits from 150 metres of quayside with an 11 metre water depth allowing the company to supply major plant and equipment worldwide by sea. Expertise includes engineering, the fabrication of modules, structural steel and piping, project management, construction and installation.
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.”
Nick Stork is a Fund Manager with the Development Bank of Wales 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.”
The investment in Ledwood came from the £204 million Wales Business Fund which is financed by the European Regional Development Fund and the Welsh Government. Loans, mezzanine finance, and equity investments are available with terms ranging from one to seven years for small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales.