Equipmake Holdings Plc (EQIP) has strengthened its board with the appointment of Tim Metcalfe as Non‑Executive Chairman, following a £5 million strategic investment by Caterpillar Venture Capital Inc.
Chief Executive Ian Foley commented on Metcalfe’s appointment: “I am confident that his skills and experience will prove a very valuable addition to the company as Equipmake continues to expand its presence in the global electrification market.”
Tim Metcalfe brings over 30 years of expertise in corporate finance and advisory, particularly in automotive and engineering sectors, from roles at Robert Fleming, Rothschild, Zeus Capital to co‑founding IFC Advisory. His appointment succeeds Clive Scrivener, who stepped down to pursue other interests.
Earlier this year, Equipmake finalised its strategic review and secured a senior secured convertible loan note with Caterpillar Venture Capital Inc. The £5 million funding comes under a development agreement aimed at creating electric drivetrain technology for Caterpillar’s heavy equipment. The loan carries 10 per cent interest over four years, convertible into equity at either 80 per cent of trailing share price or a cap of 3.125 pence per share, with maturity in March 2029.
Foley referred to the Caterpillar deal as “a remarkable achievement … a testament to the outstanding quality and forward‑thinking innovation embedded in our products and team.” He described the collaboration as a “significant step forward” that promises scalability, commercial opportunity, and accelerator electrification leadership.
The Caterpillar link marks a pivotal moment, with Equipmake now delivering drivetrain solutions across automotive, bus, aerospace, construction and marine sectors. The board sees the combined governance experience from Metcalfe and operational boost from Caterpillar as transformative for growth trajectory.
What Equipmake does:
Equipmake is a UK‑based industrial technology firm developing high-performance electric motors, inverters, drivetrains and power systems. The company offers bespoke, ASIL‑D compliant products for OEMs and Tier 1 suppliers, aiming to accelerate zero‑emission transport electrification.
