Touchstone Innovations plc (AIM: IVO, 'the Group', 'Innovations') has participated in a £3.0m 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 £1.5 million to the round, alongside Mercia Technologies.
Founded in 2012, Impression Technologies has developed a patented Hot Formed Quench (HFQ®) 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® 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® also enables parts currently made from several components to be formed as a single part. HFQ® is already receiving industry recognition, with Aston Martin using HFQ® 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 £4.0 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.