A unique Shropshire firm which makes energy saving fuel systems has been bought out by an American investor in a deal which will eventually top £4 million.

Maxsys Fuel Systems, based in Donnington, has been snapped up by Philadelphia-based Selas Heat Technology, a subsidiary of major investment firm Lionheart.

The company makes energy saving equipment which pre-treats fuels such as gas and oil with a finely calibrated magnetic field, enhancing its combustion, burning hotter, and improving efficiency by at least five per cent.

The company enjoys major contracts with huge multinational firms such as Heinz, Coca-Cola and Ford, distributing its products across the world, and was partly looking for a way to meet the demand coming for its products when the buyout was finalised.

Commercial director Paul Finnegan said the purchase would allow the company to grow in its own right, while retaining its current existence in Telford, thanks to its internationally unique products.

He said: “We took nearly £1 million worth of orders in the summer, which without this acquisition we would have struggled with.

“They have made an immediate investment of £500,000 to work on new projects. All 10 staff in Telford have been retained and there’s a commitment to keep them and to grow the business. They want to develop it further in the UK, and there’s no move to relocate.”

Maxsys moved into Telford from Walsall after Mr Finnegan, also the managing director, took over the firm in early 2008, believing Telford was ‘a business town’.

Since then the company has grown its order book, and expected to double turnover in the next year even before the American investment.

Maxsys will also benefit from centralised work by its new owners on which it can piggyback, allowing the Telford team to focus on its core business.

Mr Finnegan added: “We are absolutely delighted with the acquisition.

“We have many instantly recognisable super brand customers and we were in search of an industrial combustion partner who had the footprint and the werewithal to enhance our growth in both global market expansion and in our technology department, and Selas is a perfect fit.”

The firm had also drawn the attention of another American firm ahead of the buyout.

Selas chief executive David Bovenizir said: “We consider Maxsys as a significant acquisition for Selas in our commitment to offer our customers a world of combustion solutions.

“Maxsys has a unique green technology that truly makes an impact in a world where we are faced with managing high energy costs and reducing emissions and carbon footprints.”