Northumberland manufacturers have secured support for UK Export Finance (UKEF) and Santander UK before taking on new business to develop critical data centres.
Salem Tube has been trading since 1992 and traditionally serves the energy sector, but it takes on more and more orders from data center developers.
As the AI and cloud data storage markets grow rapidly, Salem has undertaken more and more contracts in this area.
Why are data centers so important as technology evolves?
Data centers centralize the organization’s IT operations and equipment for the purpose of storing, processing and disseminating data and applications.
Data centers are essential to the continuity of daily operations, as they house their most important and unique assets.
Today, there are reportedly more than 7 million people around the world. Most business and government entities have access to other people’s models, if not others, to build and maintain themselves.
Datacenters offer several applications and services, including:
Data storage, management, backup and recovery. Productivity applications such as email. Lots of e-commerce transaction big data, machine learning, artificial intelligence.
Seize new opportunities in the industry
Salem currently agrees to a funding package worth £3.5 million, which is provided by Santander UK and supported by the government through UKEF.
This will provide the business with the capital needed to undertake larger data center contracts and establish itself as a supplier to this emerging sector.
UKEF offers general export facility (GEF) schemes through all major UK banks and various non-bank lenders. This will allow exporters to access working capital facilities of approximately £25 million.
Pat Kendel, Ukev’s senior export finance manager (Northeast England), commented:
“By supporting Salem Tube’s transition to the data center market, Ukef is helping to protect jobs and promote exports in the Northeast.”
Mark Ling, head of trade and supplier finance at Santander UK, added: “We are delighted to be able to further support Salem Tube’s growth.
“The partnership and collaboration with both Salem Tube and UKEF demonstrate our commitment to the international growth of UK companies.”
This will also help Salem complete rebounds from Covid-19 and get bigger than ever. Last year, they secured various overseas contracts in the US and the Middle East, and are now considering taking on more employees.
This is the latest phase in its partnership with Salem with UKEF, which has supported the business for over five years and has previously helped it win a new contract in Africa.
Promote the next generation of UK technology
Salem Tube’s funding is built on investments in government with US tech companies and new data centers in the UK.
This demonstrates the continued efforts to promote growth by partnering with businesses since the government took office, with total investment in UK data centres now upwards of £25 billion.
With continued investment in critical technology infrastructures like these, the UK will provide more computing power and data storage, training and deploying next-generation AI technologies, including complex machine learning models and algorithms. Provides the infrastructure you need to do so.
It also helps the UK deploy AI faster in regions like Healthcare.
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