Pioneering power specialists Hyperdrive Innovation expect to turn over £1m for the first time this year after developing new products to penetrate new markets.
The Cramlington-based company was set in motion four years ago to supply the low carbon automotive sector.
Since then, the 11-strong team has expanded its capabilities to work with a range of other vehicles and electrically powered equipment, for use both onshore and offshore, securing a series of national contracts.
The firm has ploughed much of its resources into R&D over the last two years, but the research has paid off in the last 12 months, leading to a threefold increase in revenues, which the firm expects to lead to total sales of £1m this year.
The company has participated in R&D programmes worth over £750,000 and launched six new products to date, leading to the recruitment of more engineers as they accrue more contracts.
Stephen Irish, manager director, said: “We have demonstrated a pedigree and built up a national reputation in vehicle electronics over the last four years by impressing much larger and more established automotive companies.
“Passenger and industrial vehicles remain our primary market, however, the technologies we have developed have opened up further opportunities in the marine and defence sectors which we are very excited about.”
Hyperdrive Innovation has benefited from Newcastle Science City’s business support services to help them to develop their market strategy and rebrand the company with a new website and targeted marketing campaign.
Irish added: “We have been extremely pleased with the business support provided by Newcastle Science City. This work has helped inform business development plans and has provided a timely marketing push to help continue to drive the business forward.”