Award-winning North East-based automotive clean-tech firm AVID Technology has increased its headcount after a series of major contract wins and securing over £50m in new business.
The Cramlington-based pioneer in vehicle electrification, design and manufacture has increased its workforce to 64 by taking on a further ten members of staff since January.
The new appointments span all departments with a particular focus on project management, engineering, production, testing, software and electric motor design.
AVID Technology specialises in the design, validation and manufacture of high-integrity electronics, ancillary components and electric motors for vehicle electrification and hybridisation. The company’s project pipeline has more than doubled in 12 months with annualised sales now in excess of £240m.
Ryan Maughan, AVID managing director, said: “Since the start of the year we’ve experienced a significant increase in new business both in the passenger and commercial vehicle industries internationally and the robotics and aerospace sectors which we began targeting in 2017.
“During the past few years our staff numbers have grown at a steady rate year-on-year, from an average of 14 in 2014 to 64 this month. We expect this number to increase significantly throughout the rest of 2018. This is an exciting time to join the team, as a young company we are focused on growth and breaking new ground.
“Our ability to support customer programs from prototype development to series production is demonstrated through our growing global customer base. Climate change, urban air quality and the rising cost of energy are major issues of our time.
“The energy consumption and exhaust emissions from vehicles and transport are major contributors to these issues. Everyone at AVID is committed to delivering a cleaner, greener future through the design and delivery of world-leading, energy efficient, electrified powertrain and propulsion technology.”
AVID has been advocating vehicle electrification to improve air quality and reduce climate change for 12 years.
In February this year, the company was named a potential tech ‘Unicorn’ by international investment group GP Bullhound. By being included in the list, GP Bullhound says AVID has the potential to follow the likes of Uber, AirBnB and Spotify to massive growth, which could one day be valued at over $1bn.
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