Innovation loan will help Oxford bio tech company improve manufacturing

ElectroSpinning Company

In the second round of innovation loans funding, £12 million has been offered to 17 businesses developing innovative manufacturing processes or using new materials in production. The companies will use the funding to carry out R&D projects to scale up production and commercialise new technologies.

One of the successful companies is The Electrospinning Company, established in 2010 as a spin-out by the UK Science and Technology Research Council (STFC) and located on the growing Harwell Science and Innovation Campus, near Oxford.

The Electrospinning Company designs, develops and manufactures materials for use in regenerative medical devices and for 3D cell culture.

Innovate UK is running a pilot programme of loan competitions over 2 years to the end of 2019. A total of up to £50 million is available for business innovation projects.

Innovate UK’s deputy executive chair and business officer, Simon Edmonds, said: “Innovation in manufacturing and materials requires finance that understands and accepts the risk in new technologies, so we’re excited about the opportunities that innovation loans are now unlocking for UK businesses to invest in the delivery of new products and services in this important sector for the UK economy.

“We’ve seen continuing high levels of demand for this new, affordable, flexible and low-interest finance option for innovation and we’re confident it will help potential UK businesses to scale up, create high-value jobs and ultimately accelerate economic growth and improve the quality of life across all regions.”