Touchstone Innovations PLC Innovations invests in Impression Technologies (6597I)

TIDMIVO

RNS Number : 6597I

Touchstone Innovations PLC

21 June 2017

21 June 2017

Touchstone Innovations plc

Innovations invests GBP1.5m in GBP3.0m Series B funding round for Impression Technologies

Touchstone Innovations plc (AIM: IVO, 'the Group', 'Innovations') has participated in a GBP3.0m Series B funding round in Impression Technologies Ltd. ("Impression Technologies" or "the Company") an aluminium forming technology business based on intellectual property developed at Imperial College London. Innovations has committed GBP1.5 million to the round, alongside Mercia Technologies.

Founded in 2012, Impression Technologies has developed a patented Hot Formed Quench (HFQ(R) ) technology which allows manufacturers to form deep drawn complex shapes from high and ultra-high strength aluminium. The result is a high strength, low weight, cost-effective component for structures within car bodies, rolling stock and aircraft assemblies.

Using HFQ(R) technology enables the replacement of steel with aluminium in critical applications, including those where complex geometries would not otherwise be formable in high strength aluminium grades. HFQ(R) also enables parts currently made from several components to be formed as a single part. HFQ(R) is already receiving industry recognition, with Aston Martin using HFQ(R) formed parts on its DB11 model.

Robert Bahns, Director of Technology Ventures at Touchstone Innovations, said:

"We are delighted to see the progress the Company has made since we led the GBP4.0 million funding round in July 2015.

"The Company opened a state-of the art Production and Technology Development Centre in Coventry last year to showcase its innovative technology. This has resulted in a huge level of interest from OEMs and parts suppliers and this funding will enable the company to secure further partnerships and supply relationships leading to applications on high volume production vehicles."

As at 31 January 2017, the Group had a 59.9% interest in the issued share capital of Impression Technologies. Following this new investment Innovations will hold a 56.6% interest in the Company.

For further information contact:

 
                                                   020 3053 
  Touchstone Innovations plc                           8834 
  Russ Cummings, Chief Executive 
   Officer 
  Jon Davies, Director of Communications 
 
                                                   020 7457 
  Instinctif Partners                                  2020 
  Adrian Duffield/Melanie Toyne-Sewell/Chantal 
   Woolcock 
 
  J.P. Morgan Cazenove (Nominated                  020 7742 
   Adviser)                                            4000 
  Michael Wentworth-Stanley/Alec 
   Pratt 
 
                                                   020 7653 
  RBC Capital Markets                                  4000 
  Darrell Uden/Marcus Jackson/Laura 
   White 
 

About Touchstone Innovations - www.touchstoneinnovations.com

Touchstone Innovations plc (formerly Imperial Innovations Group plc or just "Innovations") creates, builds and invests in pioneering technology companies and licensing opportunities developed from outstanding scientific research from the 'Golden Triangle', the geographical region broadly bounded by London, Cambridge and Oxford.

This area has an unrivalled cluster of outstanding academic research and technology businesses, and is home to four of the world's top 10 universities, as well as leading research institutions, the cream of the UK's science and technology businesses and many of its leading investors.

Innovations supports scientists and entrepreneurs in the commercialisation of their ideas through protecting and licensing out intellectual property (through its Technology Transfer subsidiary, Imperial Innovations Limited), by leading the formation of new companies, by recruiting high calibre management teams and by providing investment and encouraging co-investment. Innovations remains an active investor over the life of its portfolio companies, with the majority of Innovations' investment going into businesses in which it is already a shareholder.

Since becoming a public company in 2006, Innovations has raised more than GBP440 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, post period end the Group has drawn down the outstanding GBP50.0 million from the European Investment Bank (EIB) taking the total loan to GBP80.0 million.

Between Innovations' admission to AIM (August 2006) and 31 January 2017, Innovations has invested a total of GBP335.7 million across its portfolio companies, which have collectively raised investment of GBP1.5 billion.

This information is provided by RNS

The company news service from the London Stock Exchange

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June 21, 2017 02:00 ET (06:00 GMT)