Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced its tenth deal for the Low Carbon Innovation Fund 2 (LCIF2), a £250,000 investment in pH sensor company ANB Sensors (ANB). LCIF2 led the £997,000 equity round which included Hatch Accelerator Fund and Applied Technology Ventures as co-investors.
ANB was founded in 2015 to develop and commercialise next-generation, calibration-free pH sensor technology that is robust enough to use in hostile environments, including the deep ocean where measurements help in modelling the impacts of climate change. This is in contrast to existing sensors which are fragile, require special storage conditions and frequent manual calibration to maintain performance.
ANB previously secured £1.3m in grant funding and has filed ten patents. Commercial sales of ANB’s S-Series ocean monitoring sensor commenced in December 2020 and the company has since sold to customers spanning four continents. The product portfolio is rapidly evolving, and ANB is working with key partners to provide solutions for the aquaculture and oceanography markets.
Francis Wright, Managing Director at Turquoise, commented:
“We were impressed by the ANB Sensors team and the market traction they have achieved. The platform technology has broad applications and we expect the quality of data on ocean pH will improve significantly following deployment of ANB’s sensors.”
Nathan Lawrence, CEO of ANB Sensors added:
“We are delighted to be joined by LCIF2 and welcome them on this exciting journey. The investment enables us to scale up our commercial and manufacturing activities as well as supporting new product development.”
LCIF2 is funded by European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.