Pictured: Dr Peter Poon, CEO of Romax and Professor David Greenaway, Vice-Chancellor of the University of Nottingham
Romax Technology, one of the world’s leading gearbox, bearing and driveline engineering companies, has today signed an agreement to move into new premises at the University of Nottingham’s Innovation Park (UNIP).
Romax has rapidly expanded its simulation technology and drivetrain design business and has been growing at a rate of around 20% per annum on average, creating many new jobs both in the UK and overseas. The company hopes to create around 100 new jobs in Nottingham and the UK over the next three to five years.
Currently based at the Nottingham Science Park, Romax, which employs 105 staff in the UK, Romax has outgrown its current premises and has also been renting additional units on the park to accommodate its employees. The new, purpose built, 3100m2 premises at UNIP will incorporate offices, a training suite and laboratory space. It will enable Romax to bring all of their UK staff under one roof and will also give them space into which to grow in the future.
A large number of businesses are already based on UNIP, but the Romax building will mark the first bespoke commercial development at the park. The cost of the development is £5.6 million, and the University will lease the premises to Romax for an initial period of 10 years.
Romax promotes green energy in the products and solutions it develops and the new building will reflect this; by using the latest sustainable and environmentally friendly building technologies, as well as aiming to achieve a BREEAM Excellent rating for the project. These technologies include the use of sustainable construction techniques, including biomass heating, building heat recovery and reuse, waste water recycling, solar shading and a biodiverse green roof.
Earlier this year, Romax announced an investment partnership with Moonray Investors (part of Fidelity International Limited), which will enable the company to accelerate the development of existing and new technologies in the wind power and transportation sectors and achieve their target growth rate of up to 40%.
Dr Peter Poon, founder and CEO of Romax said: “I am delighted to be signing this lease. The University of Nottingham Innovation Park is a great location for Romax. Not only does it offer us a purpose built facility with excellent campus services, it also maintains strong links with the University, which is important to us, as they share our ethos for innovation.
“This expansion enables us to continue to develop our simulation technology and drivetrain design business and, in addition, we will also be able to create high quality jobs for the local area. This in turn will help us to accelerate the development of our exciting portfolio of new products and services, especially those focused on wind energy.”
The University of Nottingham has enjoyed a long history of partnering with Romax. The company has undertaken a Knowledge Transfer Partnership with the University, as well as collaborating on major energy and aerospace research projects and providing placement and full-time employment opportunities for university students. Romax and the University were also instrumental in helping to persuade Changan Automobile, the Chinese car manufacturer, to establish its European R&D centre in Nottingham.
Speaking at the signing of the agreement with Romax, Professor David Greenaway, Vice-Chancellor of the University of Nottingham, said: “To have Romax based at the University of Nottingham Innovation Park is an exciting prospect. Romax is a world class business which will be undertaking cutting edge development work here and creating many new jobs in the process.
“This commitment also further cements the exceptionally strong links that The University of Nottingham already has with Asia in general and China in particular. I am sure that both Romax and the University will benefit greatly from our continued close partnership.”
In addition to the Romax development, The University of Nottingham Innovation Park has already seen other significant investments this year, the most recent being GSK’s £12 million Centre for Excellence in Sustainable Chemistry which was announced in April.