A “GLOBAL leader” in offshore energy is expanding its operations with a £1million loan.

Southampton-based consultancy Crondall Energy says the funding will enable it to maintain its global work supporting the drive towards net zero energy.

It specialises in floating and subsea offshore energy facilities, providing strategic, commercial and technical services.

The business provides technical advice, advice and training, with its headquarters in Chilworth but offices in the US and Singapore.

It says the £1m from alternative lender BOOST&Co will fuel growth by supporting ongoing and new initiatives in the sector, widen its geographical presence and strengthen its client base.

Martin King, principal at BOOST&Co, said: “Crondall Energy is a global leader in its field, and this additional capital will provide the firm with the backing to strengthen the existing multidisciplinary team, as the industry pivots to a net zero future.”

Duncan Peace, group managing director at Crondall Energy, said: “Following a consistently strong performance over the past few years, the investment from BOOST&Co will enable us to deliver new initiatives in the energy transition sector, broaden the range of services that we can provide to our clients and establish new long-term partnerships to deliver tailored solutions for our global clientele.

“The loan means we can help even more companies to negotiate the energy transition, as we grow our services and expand our team.”

BOOST&Co said it had chosen to work with Crondall because of its reputation in the offshore industry and the experience of its team.

The lender provides growth capital for innovative and fast-growing UK small and medium sized enterprises, with loans from £1m to £10m.

It has funded more than £500m in more than 130 deals to date and provided close to £200m under the government’s coronavirus business interruption loans to support SMEs during Covid-19.