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09 October 2014

Break-through heating elements manufacturer secures £287,500 investment

Press Release 9th October 2014

A North West R&D company which has developed and patented a novel form of electric heating element has secured funding totaling £287,500.

2DHeat Limited has received £125,000 equity investment from The North West Fund for Energy & Environmental, which is managed by 350 Investment Partners, £32,500 of angel investment; a £90,000 grant from Innovate UK (formerly the Technology Strategy Board) and a £40,000 grant from the Science and Technologies Facilities Council.

The company, which is based in Warrington but has plans to move to Merseyside, produces innovative 'flat' electric heating technology that can be sprayed on to suitable surfaces of products.

The current focus is on the use of the technology 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 novel heating elements are energy and resource efficient, delivering significant energy savings when compared to existing solutions, whilst also using fewer production materials which help to reduce CO2 levels.

The funding will be used by 2DHeat to provide growth capital which will support the commercialisation of its novel thick film heating technology, helping to demonstrate its technical potential to a wider market.  It will also be used to help create three additional jobs within the company.

John Lewis, managing director of 2DHeat, said: "We are delighted to receive this significant investment. 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, said: "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 invested a total of £13.4m to date with 30 per cent invested in the Liverpool City Region.  Investments in the Liverpool City Region include ACAL Energy, Acoustic Sensing Technologies Limited, Ultromex, Community Switch, Arvia Technologies and SignLights.

The investment in 2DHeat has been made by The North West Fund for Energy & Environmental, which is financed jointly by the European Investment Bank, the European Regional Development Fund and managed by 350 Investment Partners.

350 Investment Partners is one of Europe's leading co-investors in clean technology companies. In addition to managing The North West Fund for Energy & Environmental it also advises the Carbon Trust on its venture capital activities.

 

 


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