2 invests in Archipelago Technology Group
Summary
Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced an investment by Low Carbon Innovation Fund 2 (LCIF2) in Archipelago Technology Group. This forms part of a capital raising round of nearly \xa31.5 million comprising both equity and an Innovate UK grant provided under the Future Economy Programme. Co-investors in the equity round included members of the management team, Cambridgeshire and Peterborough Business Growth Company and several angel investors.Archipelago is the developer of PowerdropTM, a novel technology for the efficient application of industrial coatings in particular for the packaging industry.Ian Thomas, managing director at Turquoise, commented: There is an ever-stronger move to replace plastic packaging with lower-carbon, recyclable materials and Archipelagos PowerdropTM coating system helps to facilitate the switch to fibre-based packaging. Moreover, it has applications in a range of other industries to reduce the significant levels of waste arising from traditional methods of applying coatings.Guy Newcombe, Archipelago co-founder and CEO added: Archipelago is delighted to have received the backing of the Low Carbon Innovation Fund 2, Turquoise Capital, Cambridgeshire and Peterborough Business Growth Company, Innovate UK and selected angel investors in this sizable funding round. Archipelagos PowerdropTM coating system uses patented inkjet technology within process manufacturing production lines to deposit precise layers of chemicals and coatings onto any material enabling its customers to bond, protect, and enhance any surface, in seconds, without waste.LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia.