Hydro Group Secures Funding For Growth
Hydro Group plc, a global solutions provider of optical and electrical products in the subsea technology industry, has been granted UK4 million capital funding by Clydesdale Bank to develop progressive new facilities.
A major national and international supplier of harsh environment engineered products to the offshore oil and gas, defence, oceanographic, renewable energies, diving and ROV/AUV markets, Aberdeen based Hydro Group will use the secured funding to build research, design and engineering test facilities at Aberdeen Science and Energy Park.
Hydro Group managing director, Douglas Whyte said: "Hydro Group plc, made up of Hydro Bond Engineering Ltd and Hydrocable Systems Ltd, was originally formed in 1982 by a team of experienced engineers. The company started with only one unit at the current Bridge of Don site, over the 26 years our Aberdeen headquarters have been at Woodside Road, Hydro Group further expanded to the present 4 units.
"Being granted the funding by Clydesdale Bank means the company can move ahead with the exciting growth plans to create the research, design and engineering test facilities at the new Aberdeen Science and Energy Park site. The objective is to produce a facility that will enhance, improve and develop new products for the renewable, deep water and subsea sectors -- with the whole Hydro Group team being integral in the planning, design and development of the new premises."
Clydesdale Bank’s partner -- business banking, Charlie Henderson added: "Hydro Group has a record of innovation, client satisfaction and staff involvement. This, combined with their plans for new facilities and growth potential, make them an attractive investment proposition. As a new Clydesdale customer they are seeing first-hand the benefits of working with our Financial Solutions Centre which offers a tailored range of business and private banking services under one roof."