The Business Growth Fund (BGF) set up by five major UK banking groups to stimulate business in the country, has led a £8.76m ($12m) investment into Magma Global, a local designer and manufacturer of high performance carbon fibre pipe for subsea oil and gas applications.

Magma’s two existing investors, NES Partners, a Danish venture capital investor focused on new energy solutions, and Kern Energy Partners, a Canadian specialist energy investor, also participated in the round.

The latest funding will be…

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