Automotive supplier secures major funding for technology development

A technology business has secured nearly £10m of funding in the latest gear change for the young company.

Coventry-based Impression Technologies, which supplies the automotive industry with aluminium products, is part of a project called RACEForm.

It will lead the 30-month project with a consortium including Gestamp, Innoval Technology Limited, Imperial College London and Brunel University London.

Half of the £9.6m funding is a grant through the Advanced Propulsion Centre UK. A significant part of that money will be used to further develop and validate Impression’s HFQ Technology, an advanced light-weighting approach for use in the global automotive industry.

Hot Form Quench (HFQ) is a patented technology for pressing strong, lightweight aluminium components which was initially researched at the University of Birmingham and subsequently developed and spun out of Imperial College.

Jonathan Watkins, chief executive of Impression Technologies, said: “We look forward to working with Gestamp and the other consortium members in collaboration with our OEM and aluminium partners to further develop HFQ Technology for mass production and to establish the technology as a global industry standard.”

Impression, which opened a new factory on the former site of the Jaguar factory in Lyons Park in October 2016, is already supplying components to manufacturers including Aston Martin and Lotus Cars.

It is backed by Midlands technology investor Mercia Technologies, which has supported the company throughout its growth.

Matt Mead, chief investment officer of Mercia Technologies, said: “Under the leadership of Jonathan Watkins, the team at Impression Technologies has made considerable commercial progress during the last twelve months.

“The award of this grant funding, with a world class consortium, confirms the global opportunity for HFQ Technology, which we are confident will deliver significant shareholder value over the medium term.”