The investment will support the company’s operations and growth aspirations and will allow Fenix to bid for larger contracts and respond to the anticipated enhancements of the rail industry expected in the coming years.
Fenix builds rail depot control systems and mainline signalling services, using the technology to ensure maximum safety, reliability and efficient costing.
Fenix Rail Systems is the sole provider of the Train Depot Control Solution called Tie-FenLock. The systems are computer based and adaptable to new train facilities. The innovative Depot Control Solution reduces workload and increases safety and efficiency within a train depot or facility.
The company has also developed a bespoke depot signalling solution that enables the system to be integrated with all UK-based mainline signalling systems.
Craig Purcell, CEO at Fenix Rail Systems, said: “Our partnership with Midven and consequent investment is a fantastic opportunity for Fenix to move forward and to strengthen ourselves as the market leader for depot control in the UK.
“Fenix is at an exciting stage of company growth with our depot control systems and innovative point machine.
“This partnership will give us additional financial strength, which will enable us to accelerate our growth and explore more opportunities in depot control, helping us to fulfil our full potential and furthermore strengthen the Fenix Rail Systems’ brand as the future in depot control.”
Surjit Kooner, Midven Director, says: “Fenix demonstrated its ability to deliver advanced depot control systems at Howdon and Feltham on limited resources. With several high-profile projects in the pipeline for 2021, we believe Fenix can rapidly accelerate growth with access to the right resources.
“Given the reputation of the company, experience of the management team and the pipeline of potential opportunities Fenix is uniquely positioned to help support the expected upgrade in railway infrastructure.”
Ryan Cartwright, Senior Manager at the British Business Bank, said: “This latest deal in Fenix shows how finance can be used to help a business explore commercial opportunities, with the company now on the fast-track to new growth.”
Sean Farnell, Board Director at the Coventry and Warwickshire Local Enterprise Partnership, said:“This funding will help Fenix Rail Systems to invest in its long-term plans which, in turn, will boost the recovery of Coventry and Warwickshire’s economy post-Covid. Innovation is key to the reset of our business community as we encourage enterprise to flourish and lay the foundations for a stronger future.”