£3m Funding Boost for Graphene-enhanced Nanomaterial Specialist
Concretene – a nanomaterial technology firm from Manchester that hopess to decarbonise the concrete industry with its graphene-enhanced alternative – has secured £3m in venture capital investment to bring its carbon-saving concrete admixture to market.
Graphene-enhanced Concretene lowers the carbon footprint of concrete through improved mechanical performance, which allows for the reduction of cement and/or overall volume of concrete.
The latest raise comprises tech-specialist VC fund Molten Ventures, which leads the Seed+ investment round, while LocalGlobe – Europe’s leading funder of tech unicorns, whose seed investment enabled the building of Concretene’s core team in 2023 – has further committed itself to the project.
The investment will fund the development of Concretene to take the business through product certification and onto upscale revenue.
Alongside its new investors, Concretene is working with UK pre-cast manufacturer Roger Bullivant and global cement giant Cemex on specific formulations for low-carbon CEM II/III cements. This work is supported by £1.2m in grant-funding from Innovate UK, secured in 2023.
Concretene’s scientists are also working with concrete specialists from Arup, the engineering consultancy, on an extensive material testing programme.
Concretene was founded by civil engineers Rob Hibberd and Alex McDermott, who worked with The University of Manchester’s Graphene Engineering Innovation Centre (GEIC) to develop the prototype formulation.
The pair hired an experienced team – including former GEIC scientist and Concretene co-inventor Dr Craig Dawson – to develop the product for commercial roll-out.
Concretene was the first tenant of Manchester’s new innovation district, Sister, currently being developed by Bruntwood SciTech. Formerly known as ID Manchester, the £1.7bn development is situated across 22 acres of the former north campus of UMIST and was rebranded as Sister in September.
Mike Harrison, chief operating officer at Concretene, said: “Our team in Manchester has a unique combination of expertise and experience across construction and nanomaterial science, which will enable us to deliver our next stage of development and earn industry confidence and certification.
“With the support of our funders and strategic partners Arup and Black Swan Graphene, we’re now well-placed to move forward rapidly to commercialisation.”
George Chalmers, head of climate at Molten Ventures, added: “Concretene has made tremendous strides in getting its technology out of the lab and into meaningful real-world projects and applications. Its solution, viable today, is poised to make a meaningful impact in reducing emissions in one of the hardest to abate sectors. We are delighted to support Concretene’s world-class team of scientists and operators in scaling its solution across the industry.”
Read the original article on Prolific North.