For over two years Prime Atlantic has been a one-stop distribution hub for marine spare parts and offshore equipment. They supply and export a wide range of equipment for a wide variety of sailing vessels including container ships, cargo line and oil tankers, as well as shipyards. They specialise in hard-to-reach markets and ship globally.
The company successfully secured funding from the High Growth Innovation Fund – which awards grants between £25,000 and £75,000 to SME’s across six key areas: health innovation, digitalisation, culture, zero-carbon, sustainable industry and ‘tech for good’.
Launched last year, it is aimed at driving jobs, innovation and economic prosperity. Its predecessor, the Future Innovation Fund (FIF), provided a total of £2.1m to 35 city region businesses during 2020 and 2021. The fund, delivered by Growth Platform, helps businesses get new products or services to market or develop new processes to help them adapt and grow, contributing to the city region’s post-pandemic economic recovery.
Prime Atlantic used their grant to develop the ‘AtlanticHub’ – an e-procurement platform connecting end users directly and securely to manufacturers.
Utubakwu M. Ushie, founder and CEO explained: “The aim of the project is to partner with equipment manufacturers in the maritime industry to ensure that quality spares and equipment are readily available at the right price to the end-users. This platform disrupts the existing supply chain model and allows both manufacturers and end-users to communicate instantly and make decisions effectively concerning their onboard equipment in real time. This helps reduce machinery downtime, prevent ship delays in ports, operational delays and gives the shipowner peace of mind.
“The funding ultimately allowed us to develop this new platform through thorough market research, extra staffing and acquiring data.
“Going forward, on the back of this platform, we are now looking to expand our customer base to Asia, the Middle East and America. We would also like to integrate some AI functions as well as including management, chartering and financial modules to the platform. We hope this expansion will create steady company growth and local job opportunities – I’m confident we can only get better!”
While the High Growth Innovation Fund is now closed for applications, businesses in the Liverpool City Region can still access support from the LCR Hight Growth Programme, including funding via the Capital Grant Fund.
The LCR High Growth Programme is specifically designed to support high growth (or high growth potential) businesses in the Liverpool City Region to adapt, innovate, and grow; get in touch with one of our account managers to see how we can support you and your business.
The High Growth Innovation Fund is part of the LCR High Growth Programme that is part funded by ERDF and the Liverpool City Region Combined Authority and delivered by Growth Platform – Liverpool City Region Growth Company.