Prova has made a follow-on investment in Derby composite materials manufacturer Composite Braiding, having initially taken an equity stake in the business back in 2022.
Coming as part of a seven-figure funding round, the capital injection will be used to strengthen manufacturing, bolster the workforce and purchase equipment as the company continues to experience rapid growth.
Composite Braiding uses an automated manufacturing process to combine thermoplastics with materials like carbon, glass and basalt fibres, to create a much lower embedded carbon solution for end products spanning the automotive, rail, sports equipment, maritime, and civil engineering sectors.
The unique process reduces labour costs by up to 90%, waste by 97% and uses 95% less energy, offering significantly cheaper and more sustainable materials, at scale, and at a faster rate.
Richard Postins, founder of Prova Investments, said: “At Prova Investments, we’re excited to continue our journey with Composite Braiding in its mission to decarbonise the composite materials industry.
“With its novel processes to automate the manufacture of advanced composites using sustainable materials, Composite Braiding is a great fit for our cleantech and circular economy portfolio, and we’re looking forward to offering ongoing growth and support as it continues to pioneer composite manufacturing.”
Steve Barbour, founder at Composite Braiding, added: “Last year was focused on building up foundations, while 2024 will be pivotal for kick-starting production and delivering sustainable products across a variety of sectors. The close of our latest funding round marks a new milestone at the Composite Braiding business.
“We are grateful for Prova Investments’ backing since its initial investment last year, and we’re looking forward to the continued support they can bring to our business moving forward.”
