Warwickshire aluminium forming company Impression Technologies has announced a £300,000 to further aid growth.
The company specialises in developing processes that maximise the strength and lightweight properties of aluminium in the automotive sector, where it works on weight reduction to impact on lowering CO2 emissions.
The investment, acquired through Mercia Fund Management, will be used to fund further R&D of the patented aluminium forming processes, manufacture demonstration parts and build a technical and commercial team as the company continues to target automakers.
Impression Technologies is already part of one UK government sponsored research programme, in automotive with Lotus Cars and other UK partners and one EU sponsored project in the aerospace and automotive fields, with 15 other partners including Lotus and the Fiat Research Centre.
Dr George Adam, chief executive officer of Impression Technologies, said: “Automotive companies are striving to produce lighter weight cars that maximise fuel efficiency and meet the demands for lower CO2 emissions as set out in EU targets for 2015 and 2017.
“Aluminium, which combines strength and lightweight properties is already recognised as having the potential to meet this need.”
Mark Payton, managing director of Mercia Fund Management added: “Dr Adam’s wealth of experience within the automotive industry, combined with the company’s ground breaking processes makes Impression Technologies Ltd an ideal investment opportunity with real growth potential.
“Yet another example of ground breaking technology emanating from the country’s leading universities of Imperial College London and the University of Birmingham.”