Wednesday, February 28, 2024

Derby composite materials manufacturer secures capital injection

Prova has made a follow-on investment in Derby composite materials manufacturer Composite Braiding, having initially taken an equity stake in the business back in 2022.

Coming as part of a seven-figure funding round, the capital injection will be used to strengthen manufacturing, bolster the workforce and purchase equipment as the company continues to experience rapid growth.

Composite Braiding uses an automated manufacturing process to combine thermoplastics with materials like carbon, glass and basalt fibres, to create a much lower embedded carbon solution for end products spanning the automotive, rail, sports equipment, maritime, and civil engineering sectors.

The unique process reduces labour costs by up to 90%, waste by 97% and uses 95% less energy, offering significantly cheaper and more sustainable materials, at scale, and at a faster rate.

Richard Postins, founder of Prova Investments, said: “At Prova Investments, we’re excited to continue our journey with Composite Braiding in its mission to decarbonise the composite materials industry.

“With its novel processes to automate the manufacture of advanced composites using sustainable materials, Composite Braiding is a great fit for our cleantech and circular economy portfolio, and we’re looking forward to offering ongoing growth and support as it continues to pioneer composite manufacturing.”

Steve Barbour, founder at Composite Braiding, added: “Last year was focused on building up foundations, while 2024 will be pivotal for kick-starting production and delivering sustainable products across a variety of sectors. The close of our latest funding round marks a new milestone at the Composite Braiding business.

“We are grateful for Prova Investments’ backing since its initial investment last year, and we’re looking forward to the continued support they can bring to our business moving forward.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.