An engineering business focusing on creating power solutions for zero emission vehicles is gearing up for a major period of growth after securing a key role in a major project.
Lyra Electronics, which is based at the University of Warwick’s HRI site in Wellesbourne, will work as part of a consortium to facilitate the creation of an End-to-end Supply Chain for Automotive Power Electronics in a £33 million Government funded project called ESCAPE.
ESCAPE aims to advance the UK’s transition to zero emissions transport, with Lyra assisting in creating a hyper charger capable of rapidly increasing the time it takes to fully charge electric vehicles.
Led by McLaren Applied Technologies, ESCAPE is one of five projects awarded funding, ranging from the development of high-performance battery packs and electrified construction equipment to hydrogen-powered engines.
After recently doubling the size of its base, the company is pressing ahead with ambitious growth plans to double staff size on the back of securing a role in the project, with assistance from the University of Warwick’s Business Ready programme.
Peter James, co-founder of Lyra Electronics, said: “Working on ESCAPE is a major project for us and we are delighted to be working as part of such an esteemed consortium.
“We are aiming to roughly double our staff total over the coming months and continue to expand our site in early 2020.
“I think that we were trusted to help on ESCAPE because of our unique talent pool, there isn’t another company in the UK who does what we do to the level we do it.”
The firm, which currently employs 14 people, focuses on designing and producing power electronics components, charging technology and battery management systems for automotive, off-highway and green power markets.
Its growth over the years has been aided by the relationship with the University of Warwick Science Park’s Business Ready programme.
Business advisor Dirk Schafer, who works with Lyra through the Business Ready programme, said: “Lyra Electronics are about to enter a period of substantial growth and are part of a major project which they can really make a lasting impact with. It also means that Lyra can now even more capitalise on their innovative developments.
“We will be working alongside them throughout this journey to help facilitate this exciting transition.”
Cllr Izzi Seccombe, Leader of Warwickshire County Council, added: “Warwickshire County Council is absolutely committed to doing everything in its power to reduce the county’s carbon footprint. The manufacture of zero emission vehicles is a key component in any strategy to do this.
“We are also committed to supporting high tech businesses and bringing them to the county and keeping them here. I am absolutely thrilled that Lyra Electronics have been able to expand. This maintains Warwickshire’s profile as a hotbed of innovation.”
Business Ready, which is run by University of Warwick Science Park and is funded by the European Regional Development Fund and Warwickshire County Council as part of the CW Business: Start, Grow & Scale Programme, is helping tech-based SME firms across the area which have ambitions to grow and scale.
For more information on Business Ready and the help available go to http://www.business-ready.co.uk/
Notes to editors:
The CW Business: Start, Grow and Scale project is receiving up to £2.6m of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit: https://www.gov.uk/european-growth-funding