Funding to heat up R&D company
 
Wed, 8th October 2014
 
 

Funding to heat up R&D company

A business in Warrington which has developed a novel electric heating element has clinched more than £285,000, including backing from the North West Fund.

2DHeat Ltd has secured a £125,000 equity investment from the North West Fund for Energy and Environmental, managed by 350 Investment Partners.

It has also received a £90,000 grant for Innovate UK, formerly the Technology Strategy Board, a £40,000 grant from the Science and Technologies Facilities Council and £32,500 of angel investment.

2DHeat has developed a former of 'flat' electric heating technology which can be sprayed onto suitable surfaces of products. It is currently focusing on using its product to remove gasses from the metal components in the ultra-high vacuum market which includes the Large Hadron Collider at CERN and medical applications.

The funding will be used to support the commercialisation of its thick film heating technology and create three jobs.

John Lewis, managing director of 2DHeat, said: "The increase of CO2 levels into the atmosphere is a global problem and we have put intensive resource into this technology to make its application more energy efficient.

"This investment will allow us to commercially exploit the product to a wider audience and identify major market opportunities in other sectors."

Michael Bakewell, investment manager at 350 Investment Partners, added: "This is the 17th investment the fund has made to date and we are genuinely excited by the opportunity that it presents.

"2DHeat is pioneering a truly disruptive technology that has the potential to significantly impact on the global ultra-high vacuum market. We look forward to supporting the business as it continues on its journey towards commercialisation."

The North West Fund for Energy & Environmental has so far invested £13.4m.

 
 
category North West  |  source Insider Media