A NEW start-up company which is just a year old plans to create 50 new jobs over the next five years.
Hawkshead’s MSP Technologies Ltd has developed an exciting new product and has won £500,000 investment to get it made.
Chief executive Simon Patterson says the capital investment has allowed it to recruit 11 staff already.
MSP has pioneered a new multi-source power system for the marine world after four years of research.
The new product is a ‘highly-efficient and light-weight environmentally-friendly, hybrid diesel-electric generator system’.
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Boats use it to power their onboard electrics as well as propelling the craft.
Mr Patterson, 40, a former globe-trotting yachtsman, says the new generator is smaller, lighter, less expensive and more efficient than anything on the market.
There is a 290kg version and an ultra long life 510kg version, whereas other generators weigh in at up to 1,400kg.
Not only can it be used for boats but it could also be used on building sites as well as at major events like Kendal Calling, he said.
He explained: “This is lighter, quieter and 50 per cent more fuel efficient, and it offers far more flexibility – and we will have a Cumbrian produc-tion line making them.
“We are working on 15 pro-type orders this year and the diesel generator market worldwide is worth around £326 billion. This type of hybridisation will lead to massive fuel savings and in emissions.”
The system is digital, giving it fewer moving parts, and is packaged in a compact plug and play unit, making it an industry leader in installation speed, said Mr Patterson.
He added: “Achieving our investment in such a short time would have been impossible without Ruffena Capital, a company specialising in raising investment for start-up companies. The funding will finalise the technology and build the first three units in a bid to satisfy the growing order book.
Mr Patterson developed MSP Technologies Ltd and runs it alongside boat builders Patterson Boat Works at The Saw Mill, Hawkshead.
A keen sailor, he has crossed the Atlantic 27 times racing classic sailing boats.