Chalice Medical have recently secured £487,500 from D2N2’s Unlocking Investment for Growth programme (UI4G).
The funding will allow the company to press ahead with a £1.95m expansion project for a new 25,000 sq ft premises, located at Manton Wood Enterprise Park.
It is understood around 28 new jobs will be created.
Philip Bousfield, of Chalice Medical, said: “While the grant process was very competitive and rigorous we are very pleased to have been successful in getting this grant which will enable our expansion and enhance our exporting capabilities.”
“We are using this opportunity to develop new ways to support critically ill patients and push back the boundaries of intensive care and extracorporeal support.”
The new site will be almost three-times the size of its previous location on Coach Crescent, Shireoaks, where they moved from in the summer.
The company is also investing in new machinery to establish an in-house research and development and engineering workshop.
Chalice Medical has been manufacturing cardiac surgery equipment since 2000 and its range of products has expanded from surgical instruments and disposable products to a complete range of heart and lung machines, including devices to support critically ill patients in intensive care.
David Ralph, chief executive of D2N2, said: “Without this significant grant funding from D2N2, this project would not have gone ahead.”
“This business presented is an innovative, well-managed enterprise and this move enables the business to make a quantum leap potentially, adding valuable employment opportunities in north Nottinghamshire as well as helping secure the future of the 49 existing jobs.”
“This is the largest grant awarded from our UI4G programme but it is evident in the number of jobs it will help create that the funding will make a tremendous difference to a project that otherwise might not have come to fruition.”
D2N2 - the local enterprise partnership for Notts - secured £5m from the Government’s Regional Growth Fund, topped up further by the European Regional Development Fund, to help businesses grow through its Unlocking Investment for Growth programme.
For more information about the programme visit www.d2n2lep.org.