Automotive tech developer drives off with £3m funding
A company which develops advanced lightweight technology for the automotive industry has secured a £3m injection from Mercia Technologies and co-investor IP Group plc.
Impression Technologies Ltd (ITL), based on the former site of the Jaguar factory in Coventry, will use the funding to build its commercial operations team.
This will support the continued commercial adoption of its unique Hot Form Quench (HFQ) technology by a growing pipeline of global automotive manufacturers and Tier 1 suppliers.
The firm's HFQ technology is used for the mass production of complex, deep drawn, high strength aluminium structures for use in the automotive, aerospace, rail and industrial sectors.
"We are grateful for the continued support of our principal investors," said ITL's chief executive Jonathan Watkins.
"This investment will enable the company to establish HFQ technology as a global standard and the aluminium lightweighting technology of choice for high-volume automotive applications worldwide."
After opening the world's first HFQ production facility in October 2016, ITL is already supplying approximately 25,000 components every year to high-profile manufactureres including Aston Martin and Lotus Cars.
The business is also in discussions with a number of other global automotive brands and recently secured significant grant funding of £9.6m as part of a consortium including Gestamp Washington UK, a wholly-owned subsidiary of automotive components supplier Gestamp Automoción.
Dr Mark Payton, CEO of Mercia Technologies, said: "ITL typifies Mercia’s proactive, patient approach of supporting regional businesses initially via its managed funds, before selectively scaling emerging stars via Mercia’s balance sheet capital.
"It is our privilege to continue to support Jonathan and his team as they seek to disrupt this attractive and growing global market.”