OCAS, Octopus and IP Group inject £3.6m in ASL

The North East Technology Fund invested around £650,000 of the total £3.6m raised.

The announcement follows the news that ASL had signed a £4m contract with Rolls Royce and the Energy Technologies Institute (ETI) to reduce downtime from electrical power cuts.

Earlier this year ASL announced it had won a major contract with CE Electric UK, one of the UK's biggest electricity suppliers.

ASL will use the investment to expand its market presence and operations.

Company
Based in Blyth, Northumberland, ASL is a specialist developer and producer of high-efficiency devices for utility and industry electrical networks employing superconductor technologies.

ASL was established in 2004 and currently employs nine people. The company's turnover for 2010 was £542,000.

ASL has developed a device called a Superconducting Fault Current Limiter which protects electrical networks from the effects of short circuits. It provides a method of connecting electricity generated by renewable energy sources into the main grid without major infrastructure upgrades.

Advisers
Eversheds (Legal), Grant Thornton (Corporate Finance Advice).

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