Turquoise, a UK merchant bank specialising in energy, environment and efficiency, has announced its tenth deal for the Low Carbon Innovation Fund 2 (LCIF2), a GBP250,000 investment in pH sensor company ANB Sensors (ANB).
LCIF2 led the GBP997,000 equity round which included Hatch Accelerator Fund and Applied Technology Ventures as co-investors.
ANB was founded in 2015 to develop and commercialise next-generation, calibration-free pH sensor technology that is robust enough to use in hostile environments, including the deep ocean where measurements help in modelling the impacts of climate change. This is in contrast to existing sensors which are fragile, require special storage conditions and frequent manual calibration to maintain performance.
ANB previously secured GBP1.3 million in grant funding and has filed ten patents. Commercial sales of ANB’s S-Series ocean monitoring sensor commenced in December 2020 and the company has since sold to customers spanning four continents. The product portfolio is rapidly evolving, and ANB is working with key partners to provide solutions for the aquaculture and oceanography markets.
Francis Wright, Managing Director at Turquoise, says: “We were impressed by the ANB Sensors team and the market traction they have achieved. The platform technology has broad applications and we expect the quality of data on ocean pH will improve significantly following deployment of ANB’s sensors.”
Nathan Lawrence, CEO of ANB Sensors, adds: “We are delighted to be joined by LCIF2 and welcome them on this exciting journey. The investment enables us to scale up our commercial and manufacturing activities as well as supporting new product development.”
LCIF2 is funded by European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.