Norwich-based Cellexcel has been backed by College Green Ventures, New Anglia Capital, Low Carbon Innovation Fund 2, Turquoise and angel investors from Anglia Capital Group.
Based on UEA research, Cellexcel has created Cellexcellent™ whose solution can be integrated into external applications such as composite panels used in the automotive or aerospace industry, reducing both weight and embedded CO2 emissions.
By replacing emission-heavy materials such as polycarbonates, metal, or fibreglass composites companies benefit from around a 90 per cent reduction in manufacturing CO2 while retaining their form, fit and function over time.
The funding will enable Cellexcel to engage with industry partners to further develop and commercialise Cellexcellent™ in real-world applications while building its capabilities to enhance biomaterial water resistance.
Tim Pryce, Executive Chair of Cellexcel said: “Achieving a successful first funding round demonstrates both the strength of our approach and the enormous, pressing opportunity that exists to reduce emissions by enabling the wider usage of biomaterials.
“Since I joined Cellexcel in July 2022, we’ve focused on strengthening the team and putting in place the structure to effectively commercialise our technology.
“Our new funding enables us to move to the next step, engaging industry partners in areas such as automotive, packaging and construction to match our technology to pressing market needs for more sustainable materials that deliver the highest levels of performance.”
After securing investment from angel investors within the Anglia Capital Group network, Cellexcel received match funding from the New Anglia Capital Fund.
ACG managing director Hannah Smith said: “Cellexcel came to Anglia Capital Group with a strong pitch and a compelling solution which is truly innovative in its approach.
“The scientific credentials of the team speak for themselves and this, combined with the strong management team meant that Anglia Capital Group’s members – and New Anglia Capital – could see a real opportunity for Cellexcel to succeed. They have strong growth plans for the future and ACG is excited to be a part of their journey.”
Cellexcel’s technology enables biocomposites to be used in external applications such as the exterior panels of cars, trucks, vans or aircraft, dramatically reducing their carbon footprint without impacting strength or other properties. The company is based at UEA’s research park enterprise centre.