A power electronics manufacturer of highly efficient power electronics which works with Jaguar Land Rover and BMW has expanded to meet growing demand for its services
Lyra Electronics, based at the University of Warwick’s Wellesbourne campus, has bought a new office on the site which it will use as a design office, separate to its lab.
The firm designs and manufactures high-efficiency power electronics – components such as chargers, converters and inverters – for clients in sectors such as automotive, energy, and aerospace.
Lyra was co-founded by Pete James and Mike Evans in September 2011. While power electronics already existed, such as in industrial applications, they realised there was a growing requirement in the market for making them more portable, able to operate at a range of temperatures in vehicles.
The company has been supported through the Science Park’s Business Ready programme which helps tech companies grow by giving them advice on raising finance, business planning, new product development, market research, and sales planning.
Pete said: “In 2019, we had 12 employees and turned over around £900,000. Two years later, we have 37 employees and turn over around £2.6 million – so we have grown very quickly in a short space of time.
Matthew Taylor, Chief Operating Officer at Lyra Electronics, added: “It’s an exciting time for us – we have 12 to 13 projects on the go at the moment thanks to strong demand from the industries we work with and our recent successes.
“We’re currently working with the likes of JLR, BMW, the Advanced Propulsion Centre, and even a project to convert all ambulances into zero-emission electric vehicles. We’re hopeful our new design studio will enable us to work more efficiently on these many projects and will give us room to expand even further.”
Dirk Schafer, SME Engagement Lead at the University of Warwick Science Park, has worked with Lyra since the company joined the Ignite programme.
He said: “It’s fantastic to see how much Lyra has grown since Pete and Mike started it. We’ve helped them grow over time through our Ignite and Business Ready support programmes, but their growth in the last couple of years has been amazing.”