Cellerate supercharges turnover by 60% following £100k NPIF funding

Manchester-based battery specialist, Cellerate, has achieved a period of sustained growth with turnover increasing 60% following a £100,000 loan from NPIF – River & GC Microfinance, managed by GC Business Finance in partnership with River Capital as part of the first Northern Powerhouse Investment Fund (NPIF).

Founded in 2020 by Dr. Richard Fields, Cellerate is a global leader in manufacturing and developing advanced automated systems for battery research and technology scale-up. It specialises in engineering solutions that optimise the quality, performance and longevity of energy storage technologies, supporting the transition to a more sustainable future.

Following strong early demand for its products, the funding secured from the first NPIF in 2023 enabled the business to relocate to a larger, custom-built premises in the heart of Manchester, as well as invest in advanced battery manufacturing equipment.

Since then, Cellerate has expanded its customer base from 8 to 40 clients, while taking on larger and more complex contracts that reflect increasing demand for its capabilities. This momentum has driven a significant rise in yearly revenue, increasing from £1m to £1.6m.

Alongside this growth, the company has expanded further internationally across Asia, Europe, and North America, continuing to design and manufacture all products in-house at its Manchester facility.

As a leader in advanced battery technology, the business is committed to accelerating the development of next-generation energy storage solutions globally. It is investing in talent through PhD and postdoctoral research at the University of Manchester and contributing to a €20m Horizon Europe-funded Materials Acceleration Platform.

Looking ahead, the company is developing pilot-scale manufacturing equipment to support organisations moving from research to full-scale production, while exploring new materials beyond lithium-based batteries. To support this growth, Cellerate is looking to further grow its team, with plans to hire up to five new engineers to drive forward its latest projects.

Dr Richard Fields, Founder of Cellerate, said: “Since securing the funding from the first NPIF, we’ve grown more than we could have imagined. It’s enabled us to expand physically, giving us the breathing room to grow our customer base, expand into international markets and develop new products, while continuing to drive forward development in battery technology.

“The support we received from the GCBF team has been instrumental in helping us scale at pace, recognising both our commercial and academic expertise as we continue to expand and push the boundaries of battery innovation.”

Andy Nichols, Senior Loan Manager at GC Business Finance said: “The journey Cellerate has been on over the past couple of years has been remarkable. They’re a great example of how funding from the first NPIF has supported innovative Northern businesses to scale and achieve strong national and international reach.

“By supporting their move into a purpose-built facility and continued innovation, this funding has helped unlock significant growth, expanding their customer base globally and developing cutting-edge technologies. I look forward to seeing what Richard and the team achieve next, while continuing to foster economic growth and create highly-skilled jobs and opportunities in the region.”

Sue Barnard, Senior Investment Manager at the British Business Bank, said: “We’re still seeing the lasting impact of the first NPIF, where targeted investment drives sustainable, long-term growth in businesses like Cellerate. Advanced manufacturing remains a key sector within the UK’s Industrial Strategy, and through NPIF II, we’re continuing to back innovative businesses like this to scale and succeed, while opening up opportunities to expand internationally and create new jobs from regional hubs.”

The British Business Bank has now launched the £660m Northern Powerhouse Investment Fund II (NPIF II) which covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.