Hexigone Inhibitors has secured investment to help develop its new approach to tackling corrosion.
The Development Bank of Wales, Innovate UK and angel investors Phil Buck and Andy Lewis have provided loans totalling over £1m for the start-up company.
It is claimed that corrosion costs the world economy an estimated $2.5 trillion every year.
Alexander Leigh, technology ventures investment executive at the Development Bank, said: “The funding package from the Development Bank and other co-investors will help Hexigone achieve full-scale commercialisation and distribution of the product.”
The EU decided to ban the most effective deterrent of corrosion, hexavalent chromate, due to health concerns.
Phil, industry expert and investor, added: “In my 40 years in the industry, we have been searching for a comparable anti-corrosion pigment that delivers the same results as lead and chromate complexes.
“Hexigone [is] now able to offer the corrosion industry what they have been looking for for a generation and it demonstrates that Wales has the skills and talent to build world-class products and businesses.”
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