Faradion, a low-cost battery material\u00a0developer, has raised \u00a31.3m in Series B funding from high growth technology investment firm Mercia Technologies.<\/p>\n
The investment is part of a syndicated round of up to \u00a33.2m alongside existing shareholders, including Finance Yorkshire Seedcorn Fund and Haldor Topsoe A\/D.<\/p>\n
Warwickshire-based Mercia Technologies acquired Enterprise Ventures back in March 2016, and has recognised\u00a0Faradion as an \u2019emerging star\u2019 from Enterprise Ventures\u2019 managed funds portfolio. This makes the Sheffield-based startup the third emerging star to have come from the portfolio.<\/p>\n
Francis Massin, CEO of Faradion, commented: \u201cThis new investment by Mercia comes at a particularly crucial stage for Faradion as we look to move from the laboratory to large scale prototype production.<\/p>\n
\u201cThe benefits of sodium-ion battery technology have already been established in a laboratory setting; however this financial support will allow us to demonstrate that the technology can be manufactured at scale. We look forward to developing our new partnership with Mercia, which has shown great confidence in our technology.\u201d<\/p>\n
The\u00a0initial \u00a31.3m Mercia Technologies has invested in Faradion represents an equity holding of 13.6%. A second amount of \u00a3600,000 will be invested within the next 18 months providing that Faradion meets specific performance-related milestones.<\/p>\n
Faradion plans to use the initial investment to commercialise its\u00a0low-cost sodium-ion battery technology, which the firms claims is approximately 25% cheaper to manufacture than existing alternatives.<\/p>\n
Mark Payton, CEO of Mercia Technologies, said:\u00a0\u201cWe are delighted to make our first direct investment into Faradion, adding another exciting technology company to Mercia\u2019s portfolio of emerging stars. Faradion is the third company to have been sourced by the excellent team at Enterprise Ventures and added to the group\u2019s direct investment portfolio, once again demonstrating the potential of disruptive technology businesses sourced from the UK regions.<\/p>\n
\u201cIt is another example of Mercia supporting truly innovative UK businesses, from early development through our managed funds, followed by the deployment of direct capital to scale the commercial potential of the investee company,\u201d he added.<\/p>\n
The post Sheffield-based Faradion raises \u00a31.3m from Mercia Technologies<\/a> appeared first on Tech City News<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Faradion, a low-cost battery material\u00a0developer, has raised \u00a31.3m in Series B funding from high growth technology investment firm Mercia Technologies. The investment is part of a syndicated round of up to \u00a33.2m alongside existing shareholders, including Finance Yorkshire Seedcorn Fund and Haldor Topsoe A\/D. Warwickshire-based Mercia Technologies acquired Enterprise Ventures back in March 2016, and […]<\/p>\n","protected":false},"author":1,"featured_media":3251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,19,27],"tags":[91,106,163,167],"class_list":["post-1264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-funding","category-innovation","category-software","tag-funding","tag-innovation","tag-sheffield","tag-software"],"yoast_head":"\n