Arago Technology, a Manchester spin-out which is commercialising technology that can increase the capacity of existing overhead power cables, has raised a £325k ($482k) venture round.
The round’s backers include Manchester University, polymer composite manufacturer EPL Composites, the technology’s inventors, and MTI Ventures, which made its investment through its UMIP Premier Fund.
The UK-based firm plans to use the latest investment to continue testing with the National Grid and to entice further funding so it can take its products to the energy market.
Arago also announced that is has appointed Robin MacLaren, the former managing director of ScottishPower Transmission and Distribution, as its chairman.
MacLaren said: “Products have already passed the major type test requirements and are available today for trial and pilot installation on active lines. We hope to be able to supply cross-arms in volume within 12 months to service the multi-billion dollar global market for overhead power transmission. This is the most important innovation in this area since the introduction of the lattice tower.”
