SRT Marine Systems announces bid to raise to raise over £10m in funding

By Stephen Emerson

22 December 2023

Share

Picture; SRT Marine Systems

Bath-based SRT Marine Systems has launched a funding drive as it looks to embark on further growth.

The AIM-quoted developer and supplier of maritime surveillance systems and navigation safety products is seeking to raise around £10m from new and existing investors alongside launching a retail share offer.

Simon Tucker, CEO of SRT, said: "SRT has pioneered the next generation of advanced digital technologies and systems for maritime surveillance, vessel monitoring and navigation safety, and become the established global leader in this growing market.

"We were pleased to receive an approach from Ocean Infinity, and subsequent synergistic investment alongside other existing shareholders. Both companies share a common vision for the future of maritime domain awareness, are leaders in our respective fields and have directly complementary skills and technologies. This synergy, combined with this significant investment both facilitates our existing business and creates new opportunities for us to optimise the growing global MDA market potential."

A total of £7m has been committed by strategic investor global marine technology company Ocean Infinity to the fundraising drive which will strengthen the Bath firm's balance sheet and help grow its systems and transceivers business.

Oliver Plunkett, CEO of Ocean Infinity, said: "Ocean Infinity is at the forefront of robotic technology deployed to gather data from the oceans. Creating a close and proactive relationship with SRT allows us together to offer clients a complete data solution, from acquisition to insights, for managing and securing coastal territories and beyond."

Cavendish acted as bookrunner in connection with the Placing and Blackdown Partners acted as Advisor to Ocean Infinity.

By Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.