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13th November 2019

Foresight invests £749k into University of Nottingham spin-out Promethean Particles

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D2N2 LEPEquity FinanceForesight Equity Finance East & South East Midlands

  • Promethean has developed a unique and patented process to manufacture nanomaterials.
  • The investment from Foresight is expected to facilitate over 20 new jobs for the Nottingham area.
  • This is the 14th investment from Foresight through the Midlands Engine Investment Fund.

Nottingham 13 November 2019: Foresight Group LLP (“Foresight”) is pleased to announce a £749,000 growth capital investment into Promethean Particles Limited (“Promethean” or “the Company”), a company specialising in the manufacturing of nanomaterials.  The finance boost will allow the firm to create new jobs, scale its production capabilities and enter untapped global markets.

The investment has been made using finance from the Midlands Engine Investment Fund and is part of a £1.25m funding round led by Foresight and supported by the University of Nottingham, East Midlands Early Growth Fund (managed by the British Business Financial Services), and other existing investors.

Promethean was founded in 2007 as a spin-out from the University of Nottingham, to commercialise an innovative technology based on the research of Professor Ed Lester.  The company designs and manufactures high-specification nanomaterials which carry specific chemical and physical properties.

To date, the production of nanoparticles has largely been restricted to batch manufacturing or dry technologies that can experience issues relating to quality, safety and scalability.  Promethean has developed a revolutionary continuous flow reactor, the largest continuous multi-functional nanoparticle production capability in the world, which provides the ability to manufacture at scale and improve process reproducibility and reliability.

Promethean is working with industry-leading organisations to enhance the efficiency and effectiveness of speciality chemical inputs in a range of markets including inks, printed electronics, and gas capture and storage.  The investment is estimated to support the creation of over 20 new jobs in the next three to five years.

Commenting on the investment, 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.”

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.”

Advisers to the Company included Browne Jacobson (legal). Advisers to Foresight Group included Shakespeare Martineau (legal) and Smith Cooper (financial due diligence).

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Follow @midsenginv

Are you looking to secure business finance?

For information on what investment type is suited to your firm's needs, visit the @BritishBBank’s Business Finance Guide here: https://t.co/u5u3LyQcif https://t.co/LcHCDyt0kJ
MidsEngInv photo

Stay up to date with the latest #MEIF investments and fund announcements by visiting our news page here: https://t.co/8KEIg61nsB https://t.co/UyLelZ6LAM MidsEngInv photo

Are you new to the @BritishBBank’s #MEIF? For clear information on the finance available through the Fund please visit our Quick Reference Guide here: https://t.co/SDilCE6y9Q https://t.co/cjEwnvR6n9 MidsEngInv photo

The #MEIF is now on LinkedIn. Follow us for the latest investment news, fund updates and information on securing external finance.

Connect here: https://t.co/mhwkGSoAcr https://t.co/VXP3Zc0pJ0
MidsEngInv photo

#MEIF Small Business Loans are available for a wide range of purposes including filling gaps in growth capital, funding new projects or purchasing equipment.

Connect with our fund managers @B_C_R_S and @1st_Enterprise and access more information here: https://t.co/FMbFV547x6 https://t.co/hnbIVDvsgI
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