LONDON (Alliance News) - AIM-listed investors Imperial Innovations Group PLC and Mercia Technologies PLC have participated in a funding round for Impression Technologies, an aluminium forming technology business that emerged from work done at Imperial College London and the University of Birmingham.
In a statement, Imperial Innovations said it was following up a GBP0.5 million investment into Impression Technologies in February 2013 with a commitment for a further GBP2.5 million.
Midlands-based Mercia Technologies, which was an existing investor in Impression Technologies, committed to provide the balance of the GBP4.0 million funding round.
The funding round means that Imperial Innovations will own 59.9% of Impression Technologies. Imperial Innovations says it doesn't control Impression Technologies and does not consolidate it into its accounts. Mercia said it will have an 18% direct holding in Impression Technologies, and said it will control 26% of the business when taking in to account interests through third-party funds.
Impression Technologies, which allows aluminium alloys to be formed in a fast pressing operation "without compromising" on strength, says its work allows for complex, lightweight components that can be used when manufacturing cars, trains and aeroplanes.
The money raised from Imperial Innovations and Mercia Technologies will be used to acquire a press and establish a press facility in collaboration with Impression Technologies' first licensee, PAB Coventry, in a move engineered to develop the technology and keep pace with demand from customers.
"Impression Technologies has made excellent progress since its seed funding round in 2013 and is currently doing demonstration pressings for a number of high profile car manufacturers. The key challenge for the business has been to have access to a high speed press," Imperial Innovations Chief Executive Ross Cummings said in a statement.
Mercia Technologies Chief Executive Mark Payton said: "The addition of a high speed press facility is crucial in enabling the Company to both demonstrate its patented Hot Form Quench technology and service the high level of commercial interest which has already been expressed by key players in the motor and aerospace industries."
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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