Touchstone Innovations PLC Innovations invests in Impression Technologies (6597I)
June 21 2017 - 2:00AM
UK Regulatory
TIDMIVO
RNS Number : 6597I
Touchstone Innovations PLC
21 June 2017
21 June 2017
Touchstone Innovations plc
Innovations invests GBP1.5m in GBP3.0m Series B funding round
for Impression Technologies
Touchstone Innovations plc (AIM: IVO, 'the Group',
'Innovations') has participated in a GBP3.0m Series B funding round
in Impression Technologies Ltd. ("Impression Technologies" or "the
Company") an aluminium forming technology business based on
intellectual property developed at Imperial College London.
Innovations has committed GBP1.5 million to the round, alongside
Mercia Technologies.
Founded in 2012, Impression Technologies has developed a
patented Hot Formed Quench (HFQ(R) ) technology which allows
manufacturers to form deep drawn complex shapes from high and
ultra-high strength aluminium. The result is a high strength, low
weight, cost-effective component for structures within car bodies,
rolling stock and aircraft assemblies.
Using HFQ(R) technology enables the replacement of steel with
aluminium in critical applications, including those where complex
geometries would not otherwise be formable in high strength
aluminium grades. HFQ(R) also enables parts currently made from
several components to be formed as a single part. HFQ(R) is already
receiving industry recognition, with Aston Martin using HFQ(R)
formed parts on its DB11 model.
Robert Bahns, Director of Technology Ventures at Touchstone
Innovations, said:
"We are delighted to see the progress the Company has made since
we led the GBP4.0 million funding round in July 2015.
"The Company opened a state-of the art Production and Technology
Development Centre in Coventry last year to showcase its innovative
technology. This has resulted in a huge level of interest from OEMs
and parts suppliers and this funding will enable the company to
secure further partnerships and supply relationships leading to
applications on high volume production vehicles."
As at 31 January 2017, the Group had a 59.9% interest in the
issued share capital of Impression Technologies. Following this new
investment Innovations will hold a 56.6% interest in the
Company.
For further information contact:
020 3053
Touchstone Innovations plc 8834
Russ Cummings, Chief Executive
Officer
Jon Davies, Director of Communications
020 7457
Instinctif Partners 2020
Adrian Duffield/Melanie Toyne-Sewell/Chantal
Woolcock
J.P. Morgan Cazenove (Nominated 020 7742
Adviser) 4000
Michael Wentworth-Stanley/Alec
Pratt
020 7653
RBC Capital Markets 4000
Darrell Uden/Marcus Jackson/Laura
White
About Touchstone Innovations - www.touchstoneinnovations.com
Touchstone Innovations plc (formerly Imperial Innovations Group
plc or just "Innovations") creates, builds and invests in
pioneering technology companies and licensing opportunities
developed from outstanding scientific research from the 'Golden
Triangle', the geographical region broadly bounded by London,
Cambridge and Oxford.
This area has an unrivalled cluster of outstanding academic
research and technology businesses, and is home to four of the
world's top 10 universities, as well as leading research
institutions, the cream of the UK's science and technology
businesses and many of its leading investors.
Innovations supports scientists and entrepreneurs in the
commercialisation of their ideas through protecting and licensing
out intellectual property (through its Technology Transfer
subsidiary, Imperial Innovations Limited), by leading the formation
of new companies, by recruiting high calibre management teams and
by providing investment and encouraging co-investment. Innovations
remains an active investor over the life of its portfolio
companies, with the majority of Innovations' investment going into
businesses in which it is already a shareholder.
Since becoming a public company in 2006, Innovations has raised
more than GBP440 million of equity from investors, which has
enabled it to invest in some of the most exciting spin-outs to come
out of UK academic research. In addition, post period end the Group
has drawn down the outstanding GBP50.0 million from the European
Investment Bank (EIB) taking the total loan to GBP80.0 million.
Between Innovations' admission to AIM (August 2006) and 31
January 2017, Innovations has invested a total of GBP335.7 million
across its portfolio companies, which have collectively raised
investment of GBP1.5 billion.
This information is provided by RNS
The company news service from the London Stock Exchange
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