Concretene, a leading nanotech firm, has achieved a milestone by securing £3 million in venture capital funding.
This financial backing is pivotal for advancing its graphene-enhanced concrete aimed at drastically reducing construction emissions.
Investment Secured for Innovative Technology
A Manchester-based nanotechnology firm has successfully secured significant venture capital investment. Concretene, known for its graphene-enhanced concrete, recently received £3 million in funding. This investment was led by Molten Ventures and further supported by LocalGlobe, a European investor that initially provided seed funding to Concretene in 2023. These funds are aimed at bringing Concretene’s carbon-saving concrete technology to a broader market. This development marks a pivotal step in the company’s journey towards product certification and revenue generation.
Collaborative Efforts and Strategic Partnerships
Founded by civil engineers Rob Hibberd and Alex McDermott, Concretene has been in collaboration with the University of Manchester’s Graphene Engineering Innovation Centre. Together, they have been working on developing a prototype product. The company’s partnerships extend beyond academia. It is also engaged with Cemex, a global cement giant, and Roger Bullivant, a pre-cast manufacturer, on pilot projects. Funding from Innovate UK totalling £1.2 million has supported these ventures. In conjunction with Arup, Concretene has initiated an extensive material testing programme to further validate its technology.
Commitment to Decarbonisation
The firm’s commitment to reducing the carbon footprint of concrete is underscored by its ongoing partnerships. Mike Harrison, Concretene’s Chief Operating Officer, expressed gratitude to Molten Ventures and LocalGlobe for their support. Harrison stated, “Our Manchester team, with its unique expertise in construction and nanomaterial science, is poised to earn industry confidence and reach the next stage of development.” The strategic alliance with funders and partners like Arup and Black Swan Graphene positions Concretene to rapidly advance towards commercialisation.
Industry Perspectives and Future Impact
George Chalmers, head of climate at Molten Ventures, highlighted the importance of Concretene’s technology in emission reduction within the construction sector, which is notoriously challenging to decarbonise. He remarked on the readiness of Concretene’s solution to influence real-world applications positively. Arup’s Dr Fragkoulis Kanavaris emphasised the bolstering of Concretene’s technical team as a significant advantage. He noted that these enhancements would expedite the technology’s progression from formulations towards industry-standardisation, illustrating a promising future for Concretene’s carbon-saving innovation.
Strategic Moves and Growth Trajectory
With its inception at Bruntwood SciTech’s innovation district in Manchester, Concretene’s trajectory of growth has been noteworthy. The firm has leveraged its initial position as the district’s first tenant to expand its operational capabilities and establish itself in the market. Its collaboration with recognised industry players reflects an astute strategy that aligns well with its growth ambitions. This growth is further supported by its strategic partnerships and newfound investment, which pave the way for future success. The infusion of £3 million in venture capital will aid in propelling product advancements.
Technological Advancements and Market Potential
The incorporation of graphene into the concrete formula is at the core of Concretene’s innovation. This advancement contributes substantially to the reduction of emissions associated with traditional concrete production. As the company progresses, it focuses on certifying its product for widespread use. This certification is vital for establishing market credibility and ensuring the adoption of their innovative technology by the construction industry. Collaboration with Arup in technical testing further ensures that the product meets necessary standards and enhances performance in practical applications.
Innovative Solutions for a Greener Future
Concretene’s pursuit of greener alternatives in construction aligns with broader environmental goals. The pilot projects underway, in conjunction with industry leaders, serve as a testing ground for their novel technology’s real-world application. Through these efforts, Concretene aims to demonstrate its product’s efficacy and reliability, fostering industry confidence and paving the path toward widespread adoption.
Concretene stands at the forefront of sustainable building technologies with its pioneering graphene-enhanced concrete.
The recent investment secures its place in the development of eco-friendly construction materials, promising a substantial impact on emission reduction.
