20 jobs on the way at nanomaterials manufacturer
Nanomaterials manufacturer Promethean Particles has received a funding injection which will see 20 new jobs created in the Nottingham area.
Foresight Group has invested £749,000 into the company using finance from the Midlands Engine Investment Fund.
The cash boost is part of a £1.25 million funding round led by Foresight and supported by the University of Nottingham, the East Midlands Early Growth Fund (managed by British Business Financial Services) and other existing investors.
Promethean Particles will use the funding to scale up its production capabilities, enter untapped global markets and create the new jobs.
Laurie Geldenhuys, CEO of Promethean, said: “We are delighted to have Foresight’s backing through MEIF and it will be a terrific asset to be able to tap into their experience and expertise in the region. This investment comes at a key stage in our growth cycle and the support of Foresight and our existing investors will be significant in helping us achieve our long-term commercial goals.”
Promethean was founded in 2007 to commercialise an innovative technology based on research by Professor Ed Lester at the Universty of Nottingham.
Adam Huckerby, investment manager at Foresight, added: “Promethean has developed a truly unique design and manufacturing capability and is well positioned to meet the market opportunities present. We are looking forward to partnering with Laurie, Ed and the wider team to support the growth of this innovative, local business over the coming years.”