Dudley business on the verge of massive growth
Carbon Fibre Performs (CFB), based in Dudley, has invested £5m in developing a new form of carbon fibre material which it says has the potential to revolutionise the panel industry world wide.
The new carbon fibre material, known as FR10 is created by a process called Rapid Output Controllable Composite Shapes (ROCCS), which is not only timely and cost-efficient but also provides a 50% reduction of labour and other associated costs when compared with current processes. The finished panels are heat resistant to a staggering 1200 degrees for up to four hours: this feature allied to FR10’s ultra light weight is the one that gives CFB such a competitive edge.
CFP’s managing director, Simon Price, said:”We have been developing and investing in FR10 since 2011. WE knew as soon as we heard about this process that it had tremendous value with huge potential demand. We are really excited that after a short period establishing supply of raw materials, production methods and a demand pipeline, we are ready to launch this revolutionary product onto the global market.”
To capitalise on the opportunity that FR10 presents, CFB is looking for further investment of c £1.5m, half of which is to be raised by Growthdeck, with the remaining £750,000 offered by Midven via its Midlands Engine Investment Fund established by the British Business Bank. It is hoped the investment will qualify for tax relief under the Enterprise Investment Scheme (EIS), including initial 30% income tax relief.
Simon Emary of Growthdeck added:”As soon as I visited their West Midlands production facility I could see that CFP had the potential to become a great British engineering success story. This investment will also be a first for us, co-investing with the Midven VC team who have also brought into the potential markets for CFP’s revolutionary material.”
