Chemical manufacturer Promethean Particles, a BioCity Nottingham company, has successfully secured £500,000 investment funding which will enable it to double in size.
The finance is required to upscale the whole venture as it looks to service newly-acquired clients in the US, Japan and Korea as well as in Europe.
This highly-specialized company has developed a patent-protected process used to produce nano-materials for a variety of industries including automotive, electronics and green energy.
The company plans to double staffing over the next two months, with turnover expected to quadruple during 2012 based on order book and future sales.
In order to expand, the team will need to move from its laboratory in BioCity Nottingham to a bigger facility at the Nottingham Science Park where it will be able to house the required manufacturing equipment.
Promethean Particles chairman Barry Stickings CBE says: “High-value manufacturing of the kind delivered by our company is in great demand and we needed this funding to take advantage of new opportunities around the world. BioCity Nottingham has provided the ideal environment for our early development when the costs of going it alone would have been prohibitive. The Promethean team have appreciated all the help and support they have received from BioCity since we formed the company in 2008.”
Promethean Particles is a spin-out company from The University of Nottingham based on the research of Professor Ed Lester.
The underpinning technology was fully developed at the University prior to company formation in 2008 when seed-corn investment was secured through the Lachesis Fund and Catapult Venture Managers.
The company continues to enjoy the full support of the University including further investment during this round. Legal advice to the company on the investment was provided by Tom Gray of Actons solicitors in Nottingham.
The latest round of equity funding has been lead by E-Synergy (which manages the East Midlands Early Growth Fund) and includes continuing support from the Directors and the Lachesis Fund as well as new investment from a number of private investors.
Robert Cawdron, fund manager at E-Synergy says: “In such a tough funding climate, Promethean has shown exceptional professionalism to attract strong interest from new investors. We have worked with the team to source the finance, and also to secure the backing of individuals who recognize the growth potential of the company. Our investment comes at a very exciting stage in the commercialization of the technology and we have every confidence that the management team will be able to exploit multiple promising opportunities.”
Toby Reid, director of BioCity Nottingham has watched the company grow: “Promethean Particles has demonstrated a real aptitude for innovation and commercialization of its production process. 'BioCity cannot provide the appropriate space for Promethean to scale their manufacturing plant so it is right that they move on from BioCity -metaphorically fly the nest - and take every opportunity a Nottingham base provides to thrive in a very niche sector. The team will always remain part of the wider BioCity community.”