UK-based marine equipment provider Martek Marine has opened a new drone manufacturing division named Coptrz.
Opened with a start-up funding package of £250,000 from Hongkong and Shanghai Banking (HSBC), Coptrz will manufacture drones that could be used in various sectors and industries worldwide, such as marine and emergency services.
Corptrz will be able to use the HSBC fund to produce and market its products both in local and outside markets.
The newly launched unit is estimated to generate revenue of £1.7m in its first year and £5m in the following year.
Martek Marine director Steve Coulson said: “After extensive research, we have identified the significant potential for growth in this market.
“The funding package from HSBC has been instrumental in ensuring Coptrz has a solid start.
“The bank’s support and international reach has also allowed us to begin implementing our export strategy and to recruit the talent we need to make Coptrz a successful part of the wider Martek Marine business.”
Martek Marine has so far supplied nearly 30,000 shipsets of equipment to the ship operators worldwide.
Hongkong and Shanghai Banking West and South Yorkshire area director Mike Swift said: “We have worked with Coptrz from the beginning and it is an excellent example of a UK business having both innovative products and an export-led growth strategy.
“The finance package has supported the business in pushing forward into different international markets such as Germany, the US and the Far-East by assisting with its international travel and direct sales costs.”
Through its commercial banking, HSBC serves various businesses ranging from small enterprises to corporate operating globally.
Image: Coptrz drone. Photo: courtesy of HSBC/Grayling.