Northumberland-based Dragonfly Advanced Materials has secured £500,000 in investment from Northstar Ventures, along with a £500,000 grant from Innovate UK, to expand its aerogel manufacturing technology.
Dragonfly is a spinout from Newcastle University and is developing technology designed to make advanced aerogels cheaper and easier to produce at commercial scale.
Aerogels are lightweight materials known for their insulation, fire resistance and water resistance. They have potential applications across industries including energy, construction, transport, coatings and industrial manufacturing.
John Baines, CEO of Dragonfly Advanced Materials, said: “This investment marks an important milestone in Dragonfly’s progression from university spinout to commercial advanced materials business.
“Over recent years, we have focused on developing and protecting our technology, expanding our intellectual property portfolio to three patents, scaling our manufacturing capability and building relationships with industrial partners. This investment, alongside the Innovate UK Investor Partnership award, provides the resources needed to accelerate commercial deployment and support the next phase of growth.
“We are grateful for the continued support of Northstar Ventures, Newcastle University and our wider stakeholders. With the majority of our scale-up infrastructure now in place, our focus is increasingly on customer adoption, commercialisation, licensing opportunities and creating long-term shareholder value.”
However, high production costs and complex manufacturing processes have limited the wider use of aerogels. Dragonfly’s patented process is designed to simplify production while reducing the use of expensive and environmentally challenging solvents.
Northstar Ventures made its investment through the North East Spinout Inspire Fund, a £22.5 million fund backed by five North East universities and the North East Mayoral Strategic Authority.
Dragonfly will use the new funding to increase production capacity, expand its sales and development team and continue working with industrial partners on potential future licensing agreements.
The company has already increased its production capabilities and is completing the commissioning of a new manufacturing facility in Northumberland. The facility will allow Dragonfly to produce larger quantities of aerogel materials for customer testing and development.
The company’s expansion also supports Northumberland’s focus on growing advanced manufacturing and engineering as key sectors for the regional economy.
