An “innovative” tech firm, which uses nanotechnology to sustainably protect mobile phones and other electronic devices from water damage, has secured £15m from HSBC UK’s new Growth Lending fund.
The funding will be used to invest in new equipment and markets, enabling the business to expand internationally and scale profitability, as well as tackle the rapidly growing global environmental problem of ‘e-waste’.
P2i is the first business to benefit from HSBC UK’s new Growth Lending fund. The £250m pot is available to support high-growth loss making scale-ups that are on the path to profitability. It provides access to finance, as well as HSBC’s international expertise, and will help businesses achieve their global ambitions.
Headquartered in Oxfordshire, P2i has developed an ultra-thin environmentally friendly coating which manufacturers around the world are using to protect a wide range of electronic devices, materials and components, such as those found in mobile phones, from any kind of liquid damage.
The business, which has operations in 15 countries around the world, will use the funding to deploy new production capabilities and grow further in Asia, including planned expansion in Vietnam and India. P2i is also engaging new market sectors for its technology such as automotive and medical.
Ahilan Rabindran, chief financial officer for P2i, explained: “Our halogen-free conformal coatings tackle e-waste in two ways. They not only extend the life of electronic devices in the first place but also allow for much higher recycling rates to boost the circular economy.
“This deal with HSBC UK puts us on track for a successful year. It also gives us the backing to continue our growth in new territories and sectors. In turn this will increase device and component life cycles, reduce e-waste and enable vastly improved electronics recycling.”
Roland Emmans, head of technology sector for HSBC UK, added: “P2i’s remarkable technology has the potential to be hugely beneficial to the environment by enabling a circular economy for the consumer tech we all rely on, plus there are clear opportunities to do the same in many other markets.
“The business is just the sort of ambitious and internationally-focused tech firm we’re keen to support with our Growth Lending fund, helping to put more scale-ups on the road to profitability.”
By Matthew Neville – Correspondent, Bdaily
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