27 Mar Solaris Technology moves into BioCity after £250,000 funding deal
A company which has developed a revolutionary glass coating that protects against the sun has set up its headquarters in Nottingham after landing a £250,000 investment.
Solaris Technology has set up an office in BioCity after securing the deal with the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the Midlands Engine Investment Fund.
Solaris Technology’s coating blocks unwanted solar heat gain and the sun’s damaging rays without reducing natural light. Called SolarBlock, the technology, which can be applied to commercial and domestic living spaces, protects against the heat emitted from ultraviolet and infra-red light. Solaris says the coating can provide substantial savings to air conditioning usage – reducing a building’s carbon-footprint and improving energy efficiency.
Founded in 2016, Solaris Technology is led by managing director Dr Jonathan Hibbard, the chemist who developed the technology, chief executive Alaric Errington and sales and marketing director Jon Kenyon-Smith. The investment will help the firm finalise global manufacturing and distribution agreements, also supporting the development of a sales and marketing strategy.
Hibbard said: “Bringing disruptive new technologies such as SolarBlock to market requires heavy investment in research and development. This support will allow us to accelerate the commercialisation phase, establish a global infrastructure and grow the business more quickly.”
David Baker, investment associate with Mercia Fund Managers, said: “Solaris Technology has developed a very exciting product in SolarBlock and one that has the potential to disrupt a worldwide industry with an estimated value of £80 billion. The funding will allow it to finalise agreements with existing partners, which will generate commercial revenues and unlock opportunities for significant sustained growth.”