HESS Project (United Kingdom) - Dec 2007

NorthStar Equity Investors (NSEI) has invested £90,000 from its Proof of Concept Fund to support the development of a new crosslinker material, HESS, which is being developed jointly by Durham University and The University of Manchester and is set to revolutionise the paint and coatings industry. The funding will be used to scale up the synthesis of the material from gram to multi-kilo quantities in preparation for industry trials and is being provided in the form of a convertible loan, with a further funding round expected following completion of the trials in the latter part of 2008. The deal came about following a direct approach to NSEI.

Company

HESS has been developed as a solution to one of the major problems facing the paint and coatings industry, namely the need to develop water-based coatings that match the performance of solvent-based systems without releasing harmful volatile organic compounds. The original concept has been in on-going development since 1998, with the current incarnation of the product patented in 2006. The potential benefits of HESS to both the environment and health of users has already attracted the interest of several major industry companies, which have expressed a desire to test the material.

People

Michelle Cooper led the transaction for NSEI. Dr Andy Whiting, a chemist at Durham University, is leading the development team.

Sourced from: UK & Ireland unquote" 359 (Dec 2007)

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