Aeristech, a turbocharger technology developing company, has won a £500,000 deal to help it to create high performance vehicle engines.
The funds are to come from Oxford Investment Opportunity Network (OION) and Aeristech has plans to test new programmes with two global vehicle manufacturers with the money.
The deal was led by Midven, who invested in conjunction with Minerva Business Angels network and members of the OION Network.
Aeristech currently develops technology that enhances fuel efficiency in vehicle engines, reducing emissions and therefore helping to fight against global warming.
The company has pioneered the Hybrid Turbocharger Technology system (HTT) which eliminates turbo lag and can be installed into engines to combust fuel more efficiently than those with regular turbochargers.
The beginning stages of HTT testing were initially funded by the Carbon Trust through an incubation scheme and Aeristech has also been supported by R&D grants that have totaled £500,000.
Nicholas Gill, Finance Director from Aeristech said: ““It was a pleasure to work with a consortium of investor groups including the OION Network to get the new funds in place. The due diligence process was straightforward and we are well placed if and when we need to seek further rounds of funding in the future.”
Eileen Modral, Investment Manager from OION Network said the company was proud to be supporting Aeristech: “Aeristech’s HTT system provides a cost-effective means for vehicle manufacturers to offer a superior product to their customers and meet legislative demands. It was no surprise that the company attracted strong investor interest in an oversubscribed round.”