Oost NL grants first 'Loan for new businesses' to Odyssey Europe
Odyssey Europe B.V. receives a loan from Oost NL with which it can significantly scale up its activities. The US based company opened its first European repair facility in 2020 on the Novio Tech Campus in Nijmegen. Odyssey focuses on extending the lifespan of electronic equipment and serves the European market from Nijmegen. The loan enables Odyssey Europe to invest in additional capacity. This way, the company can grow in the coming years to 25 employees in 2023.
The production of semiconductors is expensive and runs day and night. Downtime is extremely expensive and breakdowns can bring production to a halt. Radio Frequency (RF), Direct Current (DC) and microwave modules play an important role in the functioning of most critical semiconductor devices. Odyssey has built up the know-how and skills to repair these RF, DC & Microwave modules.
Angelo Andres directs Odyssey's European branch. "Oost NL helped us last year with our establishment at the Novio Tech Campus. Nijmegen is a great location for us: there is a lot of knowledge in the field of semiconductor industry and we can work together with other companies and knowledge institutions. With this loan, Oost NL supports us to take the next step and grow further." Odyssey Europe will use the loan to build additional laboratory spaces and purchase new test equipment. The number of workbenches will also be doubled. Our current repair facility was no longer able to meet the high demand from customers. "Without this loan, our growth path would have been significantly delayed. Now we can serve more customers better," says Angelo Andres.
Loan for new businesses
It is the first time that Oost NL has provided a loan in this form to a so-called 'Loan for new businesses'. A loan for international companies that establish themselves - with a Dutch entity - in East Netherlands. The loan gives innovative companies that strengthen the economic structure of East Netherlands an extra impulse to make an economic and social impact.
"With this loan, we offer international companies a flying start in the region. Odyssey is a good example of a company that fits within an ecosystem - that of the semiconductor industry - and is thus a great addition to existing companies. By finding the combination between investing and attracting international companies we increase our impact on the regional economy," says Ben van den Broek, senior project manager Tech at Oost NL.
Odyssey focuses on extending the lifespan of equipment, both within the region and within the European market. For the customer, this means a low investment so they can use their money for other things than the purchase of new equipment. Odyssey contributes to the circular economy with this form of reuse.
Odyssey Europe is a subsidiary of the American Odyssey Technical Solutions, world leader in repair and service of equipment in Radio Frequency (RF), Direct Current (DC) and Microwaves. The team from Nijmegen carries out repairs in Europe. Odyssey offers support for all equipment of the major semiconductor toolmakers and OEMs within the RF, DC and microwave domain. It concerns (parts of) equipment for the semiconductor industry and RF technology, an important sector and focus area in Nijmegen.