Sprint Electric is a West Sussex manufacturer that produces digital motor controls. The company designs and manufactures digital motor control products for industrial application. It has outlined ambitions to identify fresh avenues for growth and to use new funding to enhance its business strategy. Sprint Electric secured a £1.9m investment from Foresight Group and has raised a total of £4.7m in the past 12 months. Foresight Group previously invested £2m in the company last year. Company leadership said Foresight's sector expertise, strategic guidance and sustainability focus have accelerated growth, expanded market reach and encouraged innovation, and they are confident in achieving their goals and making a positive industry impact. Sprint Electric is developing a new range of AC variable-speed drives (VSDs) that include regenerative capabilities. The drives have been under development for the past five years in partnership with the University of Nottingham via a Knowledge Transfer Partnership. The company plans to use recent funding for the final development and commercialisation of the VSDs, with product details expected later this year. Sprint will continue to serve the DC drives market and intends to share aspects of the new platform with its DC portfolio. More than 80% of production is exported to over 75 countries, and the company plans to expand operations and recruit additional staff. Market context: the DC drives market is estimated at £370m, the AC drives market around £16bn, and regenerative drives represent a small slice of the AC market but are considerably larger than the DC market.

Total raised

$5M

Funding rounds

2

Latest round

Equity

Latest activity

May 2024