Harry Needle Railway Company (HNRC) has received £2m in funding to support plans to increase its capacity and develop greener locomotives.
The British spot-hire firm says it has plans to create 50 jobs over the next five years.
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The investment was provided by national financier Frontier Development Capital’s (FDC) Advanced Manufacturing Supply Chain Initiative Recycled Fund (AMSCI).
The AMSCI Recycled Fund is designed to help businesses in the manufacturing sector supply chain by providing loan investment to drive growth and generate job creation.
The funding will help HNRC provide additional advanced rail engineering support services and develop greener locomotives with lower carbon emissions for its own fleet of locomotives and those of its customers.
“This further investment plan reflects our ongoing commitment to expand our range of rail engineering and support services as well as reduce our carbon footprint by developing greener locomotives for ourselves and for our customers,” said Harry Needle, managing director at HNRC.
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By GlobalData“This funding from FDC will help us to reach the next stage of our plans for growth and create crucial new job roles to support this growth.”
HNRC will increase its capacity and capabilities by adding an engineering shed space, a paint shop, and railway lines across its sites in Worksop and Chesterfield.
The expansion of HNRC’s greener locomotives R&D program will modify existing locomotives to become more environmentally friendly by improving engine combustion, reducing greenhouse gas emissions, and increasing sustainable fuel use.
HNRC previously secured a £1.6m loan in 2019 from FDC to purchase and comprehensively refurbish one of its Workshop sites.
“Following FDC’s previous funding for HNRC, which helped the company grow significantly, this further funding will enable it to continue its growth journey including the development of greener locomotives for the rail industry,” said Jack Glonek, investment director at FDC.
HNRC was established in 1999 and provides rail engineering and support services to rail manufacturers and rail operating companies across their sites.
