Hydro Group Plc announced £4 million of financial backing yesterday from Clydesdale Bank to develop new facilities. The global provider of optical and electrical products for subsea technology industry will use the loan to build research, design, and engineering facilities at Aberdeen Science and Energy Park.
Hydro Group managing director Douglas Whyte said: “Being granted the funding by Clydesdale Bank means the company can move ahead with exciting growth plans to create the facilities at the new Bridge of Don 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”.
Charlie Henderson, Clydesdale’s partner for business banking added: “Hydro Group has a record of innovation, client satisfaction and staff involvement. This combined with its plans for new facilities and growth potential, makes it an attractive investment proposition”
Hydro Group which was founded in 1982, now has 70 staff and annual turnover of more than £5million.