The Right Honourable Kenneth Clarke, QC, MP opened new premises at Nottingham Science Park for Promethean Particles, a University of Nottingham spin-out business specialising in production of nanoparticles which can enhance performance and functionality in products.
Established in 2008 the company uses technology developed by Professor Ed Lester from the University; this is based on the manufacture of nanoparticles suspended in hot pressurised water.
Private funding of £500,000 enabled the move from BioCity Nottingham into 2000sq ft at the Nottingham Science Park. The two new units have capacity for manufacture of 10 tonnes of nanoparticles per annum on site.
In addition to the investment funding, the company was also successful in securing a European research project called SHYMAN (Sustainable Hydrothermal Manufacturing of Nanomaterials) which is worth more than £7 million.
Several end users of nanomaterials will also be working with Promethean and the University as part of the pan-European project, including Fiat, PPG and Repsol. Each business is looking to have specific nanomaterial developed into commercial products in a variety of applications ranging from coatings to composites to healthcare.
Professor Barry Stickings, Chairman of Promethean, said: “This is a very exciting development for us. The move to the Nottingham Science Park means that we are able to expand the scale of our manufacturing, work on new projects and recruit new staff.
“This has been a very eventful year with us, with significant new funding coming into the business from our investors. We have also won a number of large contracts such as the European SHYMAN project, and secured work for customers in this country and in countries such as the USA, Japan and South Korea.”
Speaking at the event, Ken Clarke said: “I’m delighted to be officially opening these new premises, which will give Promethean the space it needs as it grows. The recovery and future success of the British economy is reliant on SMEs like Promethean Particles.”