OKAY Engineering Drives Sustainable Growth with £1.3 Million Investment from Lloyds Bank

by Anna

OKAY Engineering, a Northamptonshire-based manufacturer specializing in high-performance recycling equipment and waste handling technology, is set to achieve sustainable growth with a £1.3 million investment from Lloyds Bank. The company, which boasts a £9 million turnover, plans to become fully carbon neutral within a decade.

The £1.3 million investment includes £187,000 in funding from Lloyds Bank, allowing OKAY Engineering to install 425 solar panels on its factory roof. The 200MWh system now provides two-thirds of the company’s energy demand, reducing energy bills by £1 million over the panels’ 25-year lifetime. This green initiative will also save 40 tonnes of CO2 production annually, equivalent to planting 1,728 trees.


The solar panel project was funded through Lloyds Bank’s Clean Growth Financing Initiative, offering discounted lending for green purposes. Additionally, Lloyds Bank previously invested £1.14 million to help OKAY Engineering acquire three acres of brownfield land behind its existing factory.


The expansion plans involve utilizing one acre of the adjacent site to construct a second factory to meet the growing demand in the recycling industry. The remaining two acres are earmarked for a solar farm, allowing the company to become entirely energy self-sufficient and generate a second income stream by selling surplus renewable energy.


OKAY Engineering’s commitment to sustainability includes transitioning 30% of its vehicles to electric vehicles, installing two charging stations onsite, upgrading manufacturing equipment to more energy-efficient models, and implementing plans to become carbon neutral within the next ten years.


The company is also actively involved in the government’s research and development (R&D) tax relief scheme, enabling SMEs to claim Corporation Tax relief for investing in innovation. Furthermore, OKAY Engineering is launching its own apprenticeship scheme to enhance workforce diversity and attract young talent and women into the business and the sector.

Antonia Kay, Managing Director of OKAY Engineering, emphasized the significance of sustainability in the business’s operations, expressing gratitude to Lloyds Bank for supporting their long-term strategy. Richard Fear, Relationship Manager at Lloyds Bank, highlighted the bank’s commitment to supporting diverse talent pipelines in crucial sectors like manufacturing.

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