Business
Impression Technologies secures grant funding
Impression Technologies secures grant funding.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 4124X Mercia Technologies PLC 24 November 2017 \n\n\n\n\n\nRNS Reach\n\n\n24 November 2017\n\n\n\n\nMercia Technologies PLC\n(\"Mercia\" or the \"Group\")\n \nImpression Technologies secures grant funding with Tier 1 automotive partners \nMercia Technologies PLC (AIM: MERC), the national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce that its direct investment, Impression Technologies Limited (\"ITL\"), part of a leading consortium including Gestamp Washington UK Limited (a wholly-owned subsidiary of Gestamp Automoción, one of the world's largest suppliers of automotive components), have together successfully secured funding totalling £9.6million.\n \nThe project, which is known as RACEForm, includes £4.8million in grant funding through the Advanced Propulsion Centre UK Ltd (\"APC\"). ITL will receive a significant proportion of this grant funding to further develop and validate its HFQ® Technology, an advanced light-weighting approach for use in the global automotive industry. \n \nBased in Coventry, one of Mercia's core investment regions, ITL is commercialising a novel forming process initially researched at the University of Birmingham, one of Mercia's 19 university partners. ITL will lead the 30-month project with a consortium including Gestamp, Innoval Technology Limited, Imperial College London and Brunel University London. The project is expected to commence in a matter of weeks.\n \nThe consortium will work in partnership with a major UK-based car company and an international producer of aluminium to focus on validating the patented HFQ® Technology. ITL holds the exclusive global rights for the mass production of complex, deep drawn, high strength aluminium structures for car body and chassis applications, and the project is expected to help establish the technology as a global standard for aluminium light-weighting worldwide. The technology offers original equipment manufacturers (\"OEMs\"), either directly or through suitable Tier 1 providers, significant savings in weight, cost and system complexity through its ability to produce deep drawn high strength aluminium alloys with low cycle times and no spring back. \n ...