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CleanTech start-up Lontra has secured £360,000 investment in a finance round led by West Midlands-based venture capitalists Midven. The investment in Lontra, from Midven’s Early Advantage fund, coincides with the company’s relocation to Napton, Warwickshire — as part of a significant phase in its development of energy efficient compressors and engines.
Midven, which invests in small and medium-size enterprises, led the investment round which included UK and US angel investors, alongside grant finance and customer development deals to be announced by the company shortly.
Andrew Muir, Midven Director, said:
“Lontra has broad intellectual property protection for their energy efficient technology with multiple applications in global markets. Midven is delighted to be investing in the company to fuel the next stage of growth.”
Lontra is an innovative clean tech business, which is developing a proprietary energy efficient compressor and engine design with applications including waste water treatment, industrial air and automotive superchargers.
Simon Hombersley, Lontra Business Development Director, said:
“Midven’s investment will help the company drive forward its commercial and technical development. We’re moving to the West Midlands to benefit from the skills of the engineering base in the region and we look forward to joining forces with other clean tech businesses in the region. We will be recruiting new engineering and other staff throughout 2010.”
Environmental technology developer Lontra has relocated to the Midlands. The company has co-located temporarily with its manufacturing partner GE Precision Engineering ahead of a permanent move to its own facilities in 2011.
Clive Hudson, Lontra Chief Development Engineer:
“GE Precision Engineering has the creative design skills and precision manufacturing experience that Lontra needs, under one roof. The team shares Lontra’s values and dynamism, and we look forward to working together to develop the Blade Compressor® and Blade Supercharger® for customers over the coming months.”
Simon Hombersley, Lontra Business Development Director:
“The Midlands is an ideal location for Lontra, with the engineering skills available in the workforce; a strong supply chain geared towards high value engineering; and a number of our customers in the region.”
The innovative and fast growing start-up will be recruiting engineering and other staff through 2011.