How do you fund the development of a new product line?

12th September 2017

Case Study: Carroll & Meynell

Stockton-based Carroll & Meynell Transformers Ltd designs and manufactures electrical transformers providing power solutions to a wide range of industries including construction, transport, mining and power distribution.

The challenge

Carroll & Meynell is building a prototype of a new multi-vehicle electric charger which can charge up to 10 vehicles at a time. Currently there is no standard number of individual points for an electric charging station, and on-street charging points still tend to number just one or two. With the worldwide sale of new electric vehicles reaching a record 750,000 in 2016, the electrical vehicle market is growing like never before. As the prices of electrical cars fall and battery ranges increase, the latest predictions indicate that the number of plug-in cars and vans could reach 9 million by 2030.

Everybody in our industry is looking towards the electrical vehicles’ market. It is something that is growing all the time and is not going to go away.

The multi-charge has the potential to be a real game-changer for our company. It will allow us to move into that market and put the company on a global footing.

Mike Meynell, Managing Director

Our approach

Teesside University worked with Carroll & Meynell to help the company secure an Innovate UK Grant of £100,000. Omar Al-Janabi, Business Innovation Manager at The Forge, the University’s business hub, assisted Carroll & Meynell by bringing the funding to the company’s attention and helping with the bid-writing process by
drafting and editing sections of the document.

More businesses like ours should consider working with the University. We are able to access cutting edge facilities and expertise which, as a relatively
small company, we would not normally have access to on our own.

Mike Meynell, Managing Director

The results

The successful bid now means Carroll & Meynell can take their concept from the drawing board and test a real-life version of the charger. The multi-charge promises
to be an exciting development as it means that electric-vehicle charging points can be upgraded to cater for more vehicles without the need for a huge investment in
infrastructure.

The product will offer Caroll & Meynell a new product line in an expanding industry that will only get bigger over the coming years.

We’ve always had a very good working relationship with Teesside University and have worked with it on everything from student placements to a staff member completing a PhD. Without this Innovate UK grant we wouldn’t have been able to develop the multi-charge and Teesside University has been integral to the process.

Mike Meynell, Managing Director

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