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Lontra passes key funding milestone for commercial production
Lontra, a pioneer in advanced engineering technologies, has passed a key milestone and raised sufficient funds to enable the commercial production of its first product, a high value machine made in the UK, with proven energy efficiency and reliability gains and with a significant export market.
The £8m fundraising is being overseen by advisory boutique Carntyne and Lontra already has established USA distribution and sales outlets in place.
Lontra’s latest fundraising will bring the next industrial application of its revolutionary new blade compressor® technology to market, and it has attracted interest from key figures in the UK engineering industry who recognise its potential, and the benefits of the government’s Enterprise Investment Scheme (EIS) which incentivises investment in fast growing, unlisted companies.
Terry Scuoler CBE, former CEO of EEF (now Make UK), and now an investor and board director at Lontra said: “Amid the dire warnings of recession and mass unemployment it is critical that innovation and the spirit of enterprise which fund them, are supported. Hats off to those, who put their money where their mouth is, in support of British industry. Together we can re-build a better “new normal” and re-build our innovative industrial base as a foundation for high value job and value creation.
“Start-ups, high growth IP and scale-up companies will be key to averting recession and ensuring a return to growth and employment. Lontra, which has developed a revolutionary new blade compressor technology for a wide range of industrial applications, is such a company. Such innovation leads to job creation, increased productivity and, in the case of Lontra, to much needed exports and the winning of market share from overseas competitors.”
Alex Chiang ACA, Lontra’s chief financial officer, added: “We couldn’t have picked a worse time for fundraising than in the midst of a global pandemic, yet we’ve continued to attract high interest due to the strength of the underlying technology and the high potential returns for investors. Our machines are used in a range of essential sectors from food production to water treatment, and the range of applications provides protection against a downturn. Due to the level of interest we’ve extended the round to allow further new high net worth, family office and/or EIS investors to join us.”
The Lontra Blade Compressor® is the first clean-sheet compressor design in over 80 years and can be used across many sectors such as aerospace, automotive, food and beverage, pharmaceutical manufacture and water treatment. It is proven to be 21% more efficient than the next competitor, offering incredible energy savings along with big improvements in reliability.