Foresight invests GBP749k into University of Nottingham spin-out Promethean Particles
Foresight Group has made a GBP749,000 growth capital investment into Promethean Particles (Promethean), a company specialising in the manufacturing of nanomaterials.
The finance boost will allow the firm to create new jobs, scale its production capabilities and enter untapped global markets.
The investment has been made using finance from the Midlands Engine Investment Fund and is part of a GBP1.25 million funding round led by Foresight and supported by the University of Nottingham, East Midlands Early Growth Fund (managed by the British Business Financial Services), and other existing investors.
Promethean was founded in 2007 as a spin-out from the University of Nottingham, to commercialise an innovative technology based on the research of Professor Ed Lester. The company designs and manufactures high-specification nanomaterials which carry specific chemical and physical properties.
To date, the production of nanoparticles has largely been restricted to batch manufacturing or dry technologies that can experience issues relating to quality, safety and scalability. Promethean has developed a revolutionary continuous flow reactor, the largest continuous multi-functional nanoparticle production capability in the world, which provides the ability to manufacture at scale and improve process reproducibility and reliability.
Promethean is working with industry-leading organisations to enhance the efficiency and effectiveness of speciality chemical inputs in a range of markets including inks, printed electronics, and gas capture and storage. The investment is estimated to support the creation of over 20 new jobs in the next three to five years.
Commenting on the investment, Laurie Geldenhuys, CEO of Promethean, says: “We are delighted to have Foresight’s backing through MEIF and it will be a terrific asset to be able to tap into their experience and expertise in the region. This investment comes at a key stage in our growth cycle, and the support of Foresight and our existing investors will be significant in helping us achieve our long-term commercial goals.”
Adam Huckerby, Investment Manager at Foresight, adds: “Promethean has developed a truly unique design and manufacturing capability and is well positioned to meet the market opportunities present. We are looking forward to partnering with Laurie, Ed and the wider team to support the growth of this innovative, local business over the coming years.”
Advisers to the Company included Browne Jacobson (legal). Advisers to Foresight Group included Shakespeare Martineau (legal) and Smith Cooper (financial due diligence).