Business
Portfolio Company Update
Portfolio Company Update.
About this update from Truetide Plc
[{"type":"text","content":"\n Braveheart Investment Group plc\n01 October 2007\n\n1 October 2007\n\n\n Braveheart Investment Group\n \n \n Investment into NiTech Solutions Limited - Second Close\n \n\nBraveheart Investment Group ('Braveheart'), the technology commercialisation and\ninvestment management company, announces that it has arranged second close\nfunding of approximately £800k into NiTech Solutions Limited ('NiTech'). The\nfunding is being provided by PUK Ventures, with the possibility of some\nadditional investment from private investors.\n\nNiTech, a leading edge process intensification business, has developed a\npatented mixing technology for use across a wide range of industry applications.\nBased in East Kilbride, the Company was spun-out from Heriot-Watt University in\n2003, having invented and patented a unique mixing technology known as the\nContinuous Oscillatory Baffled ReactorTM ('COBR'). Since then, NiTech has\ndeveloped COBR to meet the specific needs of manufacturing customers such as\nGenzyme and FujiFilm in the UK and Avebe in Holland. COBR can be used by\ncompanies within the process industries to lower costs by 50% and reduce process\ntime by 90% in manufacturing a wide range of commodities including chemicals,\ndrugs and biofuels. The technology has significant advantages over traditional\nmanufacturing processes in terms of cost and performance - making manufacturing\nfaster but without compromising on product quality. Use of COBR also reduces the\nenvironmental impact of a process because of its lower use of energy compared to\ntraditional methods.\n\nThe investment follows the initial close in December 2006, where Braveheart led\nthe funding round of c£1m.\n\nThe monies raised will enable NiTech to create additional reference sites for\nits applications and drive forward will its commercialisation activity.\n\nCommenting, Geoffrey Thomson, Chief Executive of Braveheart said: 'We are\ndelighted to have brought in a respected institutional investor in the form of\nPUK. This investment by PUK strengthens the NiTech proposition and underpins\nthe investment we made late last year.'\n\nIan Laird, Managing Director, of NiTech Solutions added: 'Since Braveheart's\ninitial investment last year we have demonstrated the use of our technology for\ncommercial applications such as crystallisation and hydrogenation, and won new\ncustom...