Impression Technologies Ltd (ITL), a Coventry, UK-based developer of advanced aluminium lightweighting technology, raised £3.0m in funding.
The round was led by Mercia Technologies, which made a further £1.5m follow-on investment, and co-investor IP Group plc.
The company intends to use the funds to build its commercial and operations team to support the continued commercial adoption of its Hot Form Quench (HFQ®) technology by a pipeline of global automotive original equipment manufacturers (OEMs) and Tier 1 suppliers.
Led by Jonathan Watkins, Chief Executive Officer, Impression Technologies has developed patented technology – called HFQ® – for the mass production of complex, deep drawn, high strength aluminium structures for use in the automotive, aerospace, rail and industrial sectors.
The company is already supplying around 25,000 components every year to manufacturers, including Aston Martin and Lotus Cars. It is also in discussions with a number of other global automotive brands and recently secured significant grant funding of £9.6m as part of a consortium including Gestamp Washington UK Limited (a wholly-owned subsidiary of Gestamp Automoción, one of the world’s largest suppliers of automotive components).