£4.0m funding round in Impression Technologies

RNS REACH

2 July 2015

Imperial Innovations Group plc

Innovations leads £4.0m funding round in Impression Technologies

Imperial Innovations Group plc (AIM: IVO, "Innovations", "the Group") has led a £4.0 million funding round in Impression Technologies Ltd. ("Impression Technologies" or the "Company"), an aluminium forming technology business based on intellectual property developed at Imperial College London.

Innovations invested £0.5 million in seed funding in Impression Technologies in February 2013 and has now committed a further £2.5 million in this round alongside Mercia Technologies PLC, an existing investor.

Following this new investment, Innovations will hold a 59.9% stake in the issued share capital of the Company. The Group does not control Impression Technologies (as defined by IAS 27) and does not consolidate it.

Impression Technologies specialises in developing technology for forming complex, high-strength, lightweight components for the transportation industry. The Company's patented solution Heat treatment, Forming and in die Quenching (HFQ®) technology developed by Impression Technologies and Imperial College, allows a wide range of aluminium alloys, including ultra-high strength grades, to be formed in a fast pressing operation without compromising the strength or metallurgical properties of the material. The result is complex but lightweight components, which can be used in the manufacture of cars, trains and aeroplanes.

The funds will be used to acquire a press and establish a press facility in collaboration with Impression Technologies' first licensee, PAB Coventry ("PAB"), in order to continue development of the technology, and to keep up with customer demand. PAB is currently supplying parts, made with HFQ technology, to the motor industry.

Russ Cummings, Chief Executive of Imperial Innovations said:

"Impression Technologies has made excellent progress since its seed funding round in 2013 and is currently doing demonstration pressings for a number of high profile car manufacturers. The key challenge for the business has been to have access to a high speed press.

"We are therefore delighted to lead this new funding round, which will allow Impression Technologies to build a demonstrator facility that can be used to showcase its patented solution Heat treatment, Forming and in die Quenching technology and make initial production volumes for the motor industry."

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Notes to editors

About Imperial Innovations - www.imperialinnovations.co.uk 

Imperial Innovations Group plc creates, builds and invests in pioneering technologies developed from the academic research within the 'Golden Triangle' broadly bounded by London, Cambridge and Oxford, which is home to the UK's four leading research-intensive universities.

This area is home to many new technology companies through its proximity to the academic communities of Imperial College London, the University of Cambridge, the University of Oxford and University College London, as well as other leading research institutions.

Imperial College London, the University of Cambridge, the University of Oxford and University College London collectively have research income of £1.4 billion per annum and are ranked as four of the top ten Universities in the world (source: QS World University Rankings 2014/15).

Innovations supports scientists and entrepreneurs in the commercialisation of their ideas through the licensing of intellectual property, by leading the formation of new companies, providing facilities in the early stages, providing investment and encouraging co-investment to accelerate development, providing operational expertise and recruiting high-calibre management teams. It also runs an incubator in London that is the initial home for many of its technology spin-outs.

Since admission of its shares to trading on AIM in 2006, Innovations has raised more than £346.0 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has a £30.0 million loan facility from the European Investment Bank (EIB) for investment in biotech and therapeutics businesses.

During the period from admission on AIM up until 31 January 2015, Innovations has invested a total of £198.3 million across its portfolio companies, which have raised collectively investment of £926.8 million rising to £1.0 billion including post period end investments and commitments.