Devon start-up lands loan as it works on revolutionary new product

A Devon firm which  is aiming to design and build a revolutionary chain drive has landed a £700,000 loan.

Green Angel Ventures has completed a follow-on investment in the early stage venture producing a revolutionary chain drive product.

Exeter based New Motion Labs Limited (NML) is a high tech engineering company that has successfully re-engineered chain drives for the first time in 150 years, substantially improving their durability and efficiency.

The investment was led by Green Angel Ventures and supported by Innovate UK which has provided a £700k loan.

The investment will enable NML to ramp up sales in the rapidly growing e-mobility sector while establishing a foothold in the much larger global industrial market.

As global temperatures continue to rise and many parts of the world are seeing their hottest summers yet, there is an ever-increasing need to reduce energy consumption.  NML’s proprietary technology achieves this by improving the energy transfer efficiency of a chain drive while dramatically extending chain life.

Marcel Fowler, the founder of NML said:  “We are delighted to have received investment to drive our technology into the global market for chain drives.  There are estimated to be five billion chains in the world, and the continuing support from GAV will help us realise our vision to disrupt that market with a product that will improve drive efficiency, thereby reducing energy demand at this critical time as the world strives for Net Zero by 2050.”

Nick Lyth, president of Green Angel Ventures, added: “We have been greatly impressed by NML.  Their progress in commercialising their technology thanks to the efforts of their remarkable team is a testament to their deep commitment to the fight against climate change.

“Their success to date means that the industrial sector is now coming to them for the design.  The decision to follow our original investment in this new round was an easy one for our members.”