An engineering business focusing on creating power solutions for zero emission vehicles is looking to double the size of its base after securing crucial grants.
Lyra Electronics, which is based at the University of Warwick’s HRI site in Wellesbourne, was formed by specialist automotive electronic engineers Mike Evans and Peter James in 2011.
Now, thanks to their work with the University of Warwick Science Park’s Business Ready programme, they have secured grants to expand their premises, taking over the 2,200 sq ft unit next door to their current space.
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, whose business advisor Dirk Schafer has helped the team access around £500,000 of funding from organisations such as Innovate UK, OLEV and the Rural Growth Fund. This was made possible by providing Lyra with crucial market intelligence through the technical marketing activity of Business Ready.
Peter James, Co-Founder, said: “Mike and I started this business because we wanted to push the boundaries of technology.
“We had worked together previously and decided that this was the area we wanted to branch out into and really make our mark on.
“At this stage of our development, we are delighted with both the work we are producing and the business progress we have made.
“The assistance from Dirk through Business Ready has been crucial in securing funding for our expansion and help us get more clarity on the market potential for our innovative developments.
“This will allow us to increase our production levels and create more prototypes for products that can hopefully lead the way in green technology for vehicles going forward.”
Lyra is now established as one of the UKs leading providers of power electronics solutions, with plans in place to increase developments to the point where companies are buying its ‘off the shelf’ products rather than bespoke designs.
The company’s plans for the future don’t stop there, with Mike and Peter aiming to employ 50 people by 2023.
Dirk Schafer, of Business Ready, said: “Lyra Electronics develop very innovate ‘first-to-market’ power electronics solutions.
“They have a highly skilled team who really care about what they are doing and with the right plans in place for growth over the next few years, their impact on the electric vehicles industry could be substantial.”
Business Ready is delivered by the University of Warwick Science Park and is part of the Coventry and Warwickshire Business Support Programme, which is part-funded by the European Regional Development Fund and Warwickshire County Council.