A high-tech Cornish company that is using space technology to protect cash and high value assets for customers around the world has secured a £600,000 investment to support further growth.
Saltash-based Secure Innovation employs more than 100 people at its Cornwall factory including a team of 30 highly-skilled research and design engineers developing cutting-edge cash protection products and remote asset management services. It also has more than 30 staff overseas, with exports accounting for around £10-million of its £14-million turnover.
The business has secured £600,000 from Cornwall Council’s Good Growth Programme, which is funded by the UK Government through its Shared Prosperity Fund. The investment is towards an £800,000 project by Secure Innovation to upgrade its current facilities and maintain its market-leading position. The business expects to create around 20 jobs over the next two to three years.
Working with the European Space Agency (ESA), Secure Innovation has developed a low earth orbit satellite system called Remote Planet that can track, monitor and protect people, cash and assets anywhere on earth.
This has created an opportunity to diversify into new markets and generate more skilled engineering jobs and other roles in Cornwall. The new investment will allow Secure Innovation to expand its operations to meet growing global demand for its products and reinvest in the local economy and community.
The funding, which is being matched by £200,000 from the company’s own resources, will see a new automated stores system and in-house machining facilities, allowing existing space to be repurposed to grow production capacity. A key part of the project is the drive towards net zero emissions with the installation of solar generation, electric vehicle charging points and new staff welfare facilities to encourage cycling to work.
Martin Pascoe, business support director at Secure Innovation (which until last year was known as Spinnaker International), said: “We’re a proud Cornish company with 40 years’ experience of innovative research, design and manufacturing which has made us the global leader for intelligent protection products and tracking for cash and other valuable assets. This investment allows us to take full advantage of our partnership with ESA and continue to grow the global market, while working towards net zero and enhancing the health and wellbeing of our staff.”
Cllr Louis Gardner, Cornwall Council portfolio holder for economy, said: “Secure Innovation has a history of market-leading product design right here in Cornwall, which has made them the best at what they do. Shared Prosperity Fund support via our Good Growth Programme will help catalyse the firm’s growth in global markets, creating skilled, well-paid jobs while helping the business to reduce its carbon footprint and enhance the wellbeing of its employees. That’s what our Good Growth ambitions are all about.”
Cornwall and the Isles of Scilly have been allocated £132-million to spend on local investment through the Government’s UK Shared Prosperity Fund. All funding decisions are taken locally by the Economic Prosperity Board which is made up of elected members from Cornwall Council and the Council of the isles of Scilly. Cornwall Council has been chosen by Government as the lead authority for the fund which is being invested in accordance with the Good Growth SPF Investment Plan.
To find out more about the Shared Prosperity Fund and the projects it is supporting in Cornwall and the Isles of Scilly, visit the Good Growth website: ciosgoodgrowth.com