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.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...