As a significant contributor to Wales’ economy, Welshpool based Invertek Drives is pleased to announce it will be exhibiting at Venturefest Wales next week.

Taking place in Cardiff, the inaugural event aims to ‘bring together entrepreneurs, investors and innovators to inspire business growth in Wales to give businesses and financiers the opportunity to connect with each other, share ideas, meet experts and find solutions that will encourage growth in Wales.’

Invertek is an excellent example of how commitment to innovation can help businesses to grow both the local and national economy.

The independently owned company was first established in 1998 when the directors spotted a niche in the market for a range of compact, easy to use variable speed drives designed to control the speed of electric motors and reduce energy consumption in industrial and HVAC applications.

Invertek now sells its products into over 80 countries worldwide, with turnover for this financial year forecast to exceed £21m.

Operations Director, Charles Haspel, comments, “Innovation sits at the very core of our business. From the outset, all of Invertek’s directors agreed that the need to invest in not only the technology used in our products, but also our facilities, people, systems and processes, and sales and marketing function was absolutely key to the company’s success.

“We have a dedicated Innovation department tasked with continually developing our product and service offering, and as a direct result we have achieved rapid global expansion. We currently contribute in excess of £5m annually to our local economy and this figure is set to grow as we scale up the business to meet increasing global demand.” 

Venturefest will provide Invertek with an opportunity to demonstrate how its Optidrive variable speed drives can reduce energy consumption by more than 50% in a huge range of industrial and HVAC applications - helping industry to prepare for the introduction of mandatory energy efficiency measures from 1st January 2015.

From this date, all motors used in Europe with a rated output of 7.5 - 375 kW must meet either the IE3 efficiency level or IE2 if controlled by a variable speed drive.

Charles continues, “Electric motors account for 70% of the World’s electricity usage – a number of measures have been introduced around the globe to reduce this figure, including the requirement for energy efficient IE3 motors from January 2015.

“Invertek has developed its core technology platforms to meet specific identified requirements in a number of sectors, and is actively continuing to identify additional opportunities for expansion, whether that’s into new global markets, or industry sectors.”

Venturefest speaker, Sarah Dickins, is no stranger to Invertek having visited the company to film a short piece about Powys’ GDP figure for the BBC last year. Invertek was presented as a shining example of a high-tech business based in Wales whose exporting success helped the UK to avoid a triple-dip recession in 2013.

Find out more about Invertek’s success by visiting Venturefest Wales taking place in City Hall, Cardiff, on 9th July or visit www.invertekdrives.com.

Register as a Venturefest delegate for free by visiting www.venturefestwales.co.uk.