Mercia Technologies PLC has announced a new direct investment of up to £1.9million in Faradion Limited, a company focused on the development and commercialisation of advanced, low-cost battery materials. Mercia's investment is part of a syndicated investment round of up to £3.2million alongside existing shareholders which include Finance Yorkshire Seedcorn Fund and industry partner, Haldor Topsoe A/S, a leading producer of heterogeneous catalysts focused on optimising natural resources and energy efficiency. Faradion has been identified by Mercia as an 'Emerging Star' from Enterprise Ventures' managed funds portfolio. EV was acquired by Mercia in March 2016 and Faradion is now the third new Emerging Star to have emanated from these funds.
Mercia has invested an initial tranche of £1.3million which represents an equity holding of 13.6%. Dependent on the completion of specific performance related milestones, a second tranche of £600,000 will be invested within the next 18 months. The current investment round will be used to commercialise Faradion's lead product, a novel, low-cost sodium-ion battery technology from which Mercia believes significant value will be derived over time.
To read the full RNS announcement, click here.