CatalySystems set to make global splash
A Tees Valley business with the technology to help the process industries conserve, clean and reuse waste water has received a funding round totalling £960k to enable it to launch internationally.
The investment in CatalySystems Ltd, based at the Wilton Centre in Redcar, was corner-stoned by a tranched investment of £666k from the Finance for Business North East Technology Fund managed by IP Group plc.
A further £144k from the Finance for Business North East Proof of Concept (PoC) Fund, managed by Northstar Ventures, and £150k from two angel investors, was also committed across two tranches.
CatalySystems uses advanced oxidation process (AOP) technologies to decontaminate water so it can be re-used in an industrial environment. Applicable across a vast range of sectors, key players within the oil and gas industries have already moved to adopt the system by committing to FEED projects for full-scale systems. The company’s products are highly energy efficient and have the potential to significantly reduce both operating and energy costs.
With water recovery and reuse rapidly developing into a multi-billion pound sector, the team at CatalySystems is using this latest investment to expand the resources in the company and broaden its international presence.
Irene Allcroft, managing director of CatalySystems, said: “We are working hard to establish ourselves as the principal developer and supplier of advanced reactor systems for water decontamination and reuse. Having taken a leading position in the AOP market, we are competing extremely well against incumbent technologies, giving us an excellent platform to build on.
“This round of investment comes at a good time as we work with large process industry players and third party corporations to increase adoption and widen our reach.”
Duncan Lowery, senior investment manager at IP Group, commented: “CatalySystems represents the type of business we like to back. They have demonstrated the ability to solve a significant market pain in a very large market with a scalable offering. The management team are highly skilled and committed to the business and have worked with us very collaboratively to ensure the business goes forward on the best footing possible.
“We were also pleased to be able to work with the existing investors who showed their belief in the business by committing to the round as well as welcoming in two new angel investors.”
Northstar Ventures’ investment manager, Stephen Price, added: “We have been delighted with the progress that CatalySystems has made since our original investment in early 2011. This further investment is testament to the hard work and dedication of the excellent management team and the technical and commercial progress that has been made.”
For more information on the Finance for Business North East Technology Fund, please visit: www.thenortheasttechnologyfund.com.
This was posted in Bdaily's Members' News section by Sarah Waddington .
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