A BUSINESS providing industry with extra thrust has revealed plans to improve the region’s employment landscape in an expansion backed by £400,000 support.

Cress Systems has moved into Darlington and aims to hire engineering staff and award contracts to firms in the region.

The moves come after NPIF – Enterprise Ventures Equity Finance, an NPIF product fund managed by Enterprise Ventures, completed a £400,000 investment in the company.

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Cress, which previously moved into the Wilton Centre, near Redcar, is known for developing energy recovery and storage systems.

The company is focusing its attention on the container ports market, where bosses say Cress’ apparatus can recycle wasted energy on large handling equipment used at ports.

They added the new funding will be used to scale up production and enable the firm’s first sales to shipping port customers.

Richard Bradshaw, Cress chief executive, said: “The Tees region provides us with access to highly-qualified engineering staff and a range of suppliers with world-class expertise in high-speed rotating machinery and composite materials.

“This investment led by Enterprise Ventures is helping us grow the company into a leading provider of energy storage solutions to the worldwide market.”

Officials say the deal marks the first equity investment in the Tees Valley from NPIF – Enterprise Ventures Equity Finance.