Finance Yorkshire gives £1.m grant to aid firm's expansion

S3 ID has been granted £1.1 million which will help the company to continue to offer a range of solutions which improve personnel safety and security in the oil, gas, petrochemical and energy sectors.

The major investment from Finance Yorkshire’s Equity Fund will enable S3 ID to maintain the controlled expansion it has experienced over the last three years resulting in the development of several new innovative products.

S3 ID has also acquired further patents gained in new strategic sales regions around the globe. 

S3 ID, which also has regional offices in Norway and Singapore, has developed a unique product range from its experience of serving the on-shore and off-shore oil, gas and energy industries.

Gro Kielland, chairman of S3 ID, said: “We are extremely positive about the new opportunities this investment will create.

“It further strengthens our operations and will allow more investment in product and business development, demonstrating to our clients our sound business standing and continuing commitment to helping our customers in the oil, gas, petrochemical and energy sectors meet the highest safety standards available for their personnel.

“Going forward, our first priority will be to ensure our customers continue to receive the same high level of service and support they expect and deserve as we drive the business forward.”

Craig Hopwood, who led this investment on behalf of the Fund, added: “S3 ID is a pretty unique business that operates within a high-tech, growth sector.

“This made the company an extremely attractive investment.

“We believe that S3 ID is well placed to continue its expansion in the oil, gas and energy industries and we see this as a long-term strategic investment in our region for Finance Yorkshire.

“We are looking forward to working with Derek Gennard, Eivind Fredriksen and the rest of the management team to help achieve their growth plans.”

Alex McWhirter, chief executive of Finance Yorkshire, commented: “This is a landmark deal, not only for Finance Yorkshire, but also for the region. S3 ID is a global business, based in South Yorkshire, which is leading the way in new high-end technology.

“The investment is an indication as to the type of equity deals we are able to provide businesses to help them meet their needs for growth.”

Finance Yorkshire helps a range of small and medium sized businesses to meet their funding requirements for growth and development. It provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2 million.

The project is supported financially by the European Union. It has attracted £30 million investment from the European Regional Development Fund as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme.

Some £15 million came from Yorkshire Forward’s Single Programme and £45 million match funding from the European Investment Bank.