Promethean Particles, the Nottingham-based company which developed a unique and patented process to manufacture nanomaterials, received £749,000 from Foresight through the Midlands Engine Investment Fund (MEIF). The investments will help create 20 new jobs at Promethean’s, upscale its production capabilities and help it enter global markets.
“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,” said Laurie Geldenhuys, CEO of Promethean.
Promethean was founded in 2007 to commercialise an innovative technology based on the research of Professor Ed Lester, based at the Universty of Nottingham. 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.
The investment is part of a £1.25m 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.
Image caption, L-R: Adam Huckerby, Foresight; Laurie Geldenhuys, Promethean Particles; Andy Naylor, University of Nottingham; Rob Cawdron, British Business Bank