Gateshead-based cleantech business closes second round
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A business aimed at reducing the amount of pollution emitted by manufacturing processes has been backed by the Finance for Business North East Technology Fund by way of a six-figure deal.
Nano-porous solutions, which won the Brian Mercer Award for Innovation from the Royal Society when it first launched, has received £280,000 from the Finance for Business North East Technology Fund.
As well as the investment from the Fund, managed by IP Group, Nano-porous solutions (n-psl) has also netted £150,000 from the Royal Society and £477,000 from management and business angels.
The business has developed what it calls an absorbent media tube technology, a filtration material which can be used for the removal, recovery and separation of contaminants such as carbon dioxide, volatile organic compounds and moisture.
Its technology is patent protected and is said to reduce energy consumption by more than 50 per cent across various applications.
The transaction is the second closed by n-psl following an initial investment in 2009 from the Royal Society Enterprise Fund and business angels John Clough and Dave Routledge, which allowed the business to commercialise its technology.
Ian Fraser, finance director at n-psl, comments, 'The investment round [...] is enabling n-psl to take our absorbent media tube technology to the manufacturing stage.
'It is also allowing us to take our portfolio of traditional air treatment products to new markets, with a particular focus on the US.'
Originally a spin-out from Bath University, n-psl was founded by Colin Billiet who previously built North East-based domnick hunter.
Nick Edgar, investment manager at IP Group, adds, 'The North East is building a real name for itself in green technology and n-psl is another great example of this.
'The n-psl team has a strong track record and the company's product offering has significant, energy performance and cost benefits relevant to many markets.'
Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006