NiTech Solutions Ltd (United Kingdom) - Oct 2007

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01 October 2007

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PUK Ventures, the venture capital arm of Partnership UK, has led an investment of £800,000 into process intensification company NiTech Solutions. The deal, which included finance provided by a number of private individuals, was introduced by existing investors Braveheart Investment Group which, along with Scottish Enterprise, invested around £1m in December 2006 (12 February 2007, page 21). The new investors intend to use the funding to promote organic growth, with particular emphasis on the development of new processes designed for the bio-diesel market. NiTech previously secured a £700,000 investment in April 2005 from a combination of Scottish Enterprises, private investors, an SFLGS bank loan and an RSA grant.

Company

NiTech Solutions was formed as a spinout of Heriot-Watt University, in Edinburgh, in 2003 and is currently based at the Scottish Enterprise Technology Park in East Kilbride. The company specialises in the production of baffled chemical reactors and processes that enable companies from a range of industries to transfer from batch production to continuous production. The benefits of this include significant reductions in cost and waste, as well as an increase in productivity. In addition to proven success in crystallisation, hydrogenation, polymerisation and pharmaceutical API’s, the company has recently signed a contract with its first bio-diesel customer, which will commission its live production plant in December 2007.

People

Puneet Bhatia led the transaction for PUK Ventures.

Sourced from: 355 unquote" unq (Oct 2007)