Mercia Technologies commits £1.5m to lightweight materials firm
MERCIA Technologies has committed to invest £1.5m of a £4m investment round into an aluminium forming company based on intellectual property developed at the University of Birmingham and Imperial College London.
The investment joins a similar injection from Imperial Innovations and will enable Impression Technologies to establish an innovative press facility.
The additional capital follows a long-standing investment by Mercia’s wholly owned subsidiary, Mercia Fund Management. Following this investment, Mercia will have an 18% direct holding in Impression Technologies, and the group will control 26% of the business when its stake via its third party funds are included.
Impression Technologies specialises in developing technology for forming complex, high-strength, lightweight components for the transportation industry. The company’s patented Heat treatment, Forming and in die Quenching (HFQ®) technology was developed by Impression Technologies and Imperial College, building on the founding research at the University of Birmingham.
The technology allows a wide range of aluminium alloys, including ultra-high strength grades, to be formed in a fast pressing operation without compromising the strength or metallurgical properties of the material. The result is complex but lightweight components, which can be used in the manufacture of cars, trains and aeroplanes.
The proceeds will be used to fund the acquisition of a press and establishment of a press facility in collaboration with PAB Group, in order to continue development of the technology, and to effectively keep up with volume demand. PAB is currently supplying parts, made with HFQ technology, to the motor industry.
Mark Payton, chief executive of Mercia Technologies, said: “We are proud to continue to support this innovative company, which is located in the Midlands, the heart of the UK manufacturing space for the automotive and aerospace sectors, and based in part on technology from one of our partners, the University of Birmingham.
“The addition of a high speed press facility is crucial in enabling the Company to both demonstrate its patented Hot Form Quench technology and service the high level of commercial interest which has already been expressed by key players in the motor and aerospace industries.
“Impression Technologies provides a demonstration of our regional emphasis and our focus on UK technology sectors that offer investment prospects with high growth potential, including advanced materials, engineering and specialised manufacturing.”
