Metalysis has raised £12m ahead of commercial production from its Generation 4 (Gen4) industrial scale expansion project.

The company has created a solid-state process to produce valuable, 3D-printable metal alloy powders.

Proceeds will fund state-of-the-art post-processing facilities, feedstock and provide working capital to support the rollout of Gen4.

Fundraising participants comprised existing shareholders Woodford Investment Management, Draper Esprit PLC, ETF Partners and Interogo Treasury.

Metalysis has also welcomed California-based Hercules Capital which has pledged more than $7 billion to high-growth, innovative venture capital-backed companies in life sciences, sustainable and renewable technology industries since its inception.

The investment process draws FY2017 to a close; a year of material progress for Metalysis, with a number of new partners and a £10m expansion involving two capital projects which are critical to its continued commercial development.

The first project, Gen4, is an industrial scale production facility housed within Metalysis’ Materials Manufacturing Centre in Wath-upon-Dearne, South Yorkshire.

Being modular, Gen4 builds on Generations 1-3 of Metalysis’ solid-state, electrochemical technology.

It is capable of producing hundreds of tonnes of high-value, speciality powder alloys used in additive manufacturing, aerospace, automotive and other high value applications.

The second project was establishing Metalysis’ Materials Discovery Centre within the Advanced Manufacturing Park, South Yorkshire.

Officially opened in March 2017 by a delegation from the UK Department for Business, Energy and Industrial Strategy (BEIS), it houses materials development and technology projects with Metalysis’ partners and clients.

In its first year of operation, the facility has attracted five new commercial partners as well as in-house and confidential programmes.

“Naturally, we are pleased that Metalysis has attracted financial backing from both new and existing sophisticated institutional investors,” said Metalysis CEO Dion Vaughan.

“The expansion project carried out during the past year, combined with these proceeds, will support our multi-metal production and commercial rollout.

“Metalysis is a high-growth UK technology business with advanced materials breakthroughs and solid-state production of great value to its customers, shareholders, partners and employees.”