PXN Ventures is backing Manchester-based Concretene in a £4.5m first close of its Series A equity round to support the commercialisation and scale-up of its graphene-enhanced concrete technology.
The financing includes a £2m commitment from NPIF II- PXN Equity Finance, managed by PXN Ventures through the Northern Powerhouse Investment Fund II, alongside existing investors LocalGlobe and Molten Ventures.
Concretene, a spin-out from the University of Manchester, develops a graphene-based admixture designed to improve concrete performance while reducing the amount of cement required. The technology aims to address emissions associated with cement production, a significant contributor to global carbon emissions.
Concretene said it will use the funding to expand towards industrial-scale manufacturing, support larger-scale concrete trials and advance work on producing graphene using biogas from wastewater in Manchester.
The company said its technology had demonstrated the potential to reduce cement content in commonly used concrete mixes by 10-20% without compromising strength and durability, adding that the product was designed to be cost-neutral at scale.
The investment highlights PXN Ventures’ deployment strategy in the North of England, with the fund backing a growth-stage business transitioning to commercial scale-up.
Louise Chapman, NPIF II fund principal at PXN Ventures, said: “As well as being the birthplace of graphene, Manchester and the wider North West region has a long history of producing world-leading companies in the advanced manufacturing space. As the fund manager for NPIF II in the North West, we’re proud to be backing Concretene as it embarks on its next growth chapter, moving ever closer to a range of commercially scalable products with various industrial applications to lower the construction industry’s carbon footprint.”
Mike Harrison, chief executive officer, Concretene, said: “This round takes us from the lab to multi-tonne manufacturing. Backing from the British Business Bank through PXN, more than matched by investors who have stood behind us for four years, means Manchester graphene can cut carbon from British construction without adding cost.”
