Northstar Ventures backs the expansion of Dragonfly Insulation by investing £500,000 to support its growth and expansion into new markets.
Dragonfly Insulation, an advanced materials manufacturer, announces that it has raised £935,000 in an investment round led by the North East Innovation Fund supported by the European Regional Development Fund and managed by Northstar Ventures, alongside angel investors and £300,000 of grant funding from Innovate UK’s Future Economy Investor Partnership programme.
Aerogels have a number of proven high-performance characteristics, such as ensuring temperature stability in extreme environments, non-flammability and super hydrophobic qualities that enable structures to repel water. However, the full potential of aerogels has yet to be realised because the conventional manufacturing process is slow, energy intensive, inflexible and limits product forms.
Dragonfly, which was spun-out from Newcastle University in 2020, has created a simplified method of manufacturing silica aerogels that reduces production costs and carbon emissions. It is also enabling the use of aerogels in high value sectors including energy, process industries, construction, marine and air applications; together with EVs and future fuels. The aerogel produced by the company has excellent thermal and fire resistant properties and with Dragonfly’s unique manufacturing process, can be produced in a variety of forms, including panels, granules and powders. Unlike other manufacturers, Dragonfly can also produce bespoke formats for specific use cases.
The company will deploy the investment to scale up production capacity, grow the team and move from their current Northumberland site to a larger facility.
John Baines, Executive Chair of Dragonfly, said: ‘We are delighted to have secured this crucial round of investment led by Northstar Ventures together with further investment and expertise brought by our angel investors.
As the sole UK manufacturer of silica aerogels, this investment together with the Innovate UK Grant, is key to significantly scaling our production capability. It is a vote of confidence in our vision to become the leading provider of next-generation silica aerogel materials in the UK, Europe, and globally through manufacturing, licensing and joint venture opportunities.
The need for more efficient and safer materials to support the drive towards NetZero has never been more acute. We firmly believe Dragonfly has a key role to play as we work together to address the challenge of climate change, adhering and surpassing stricter environmental regulations and meeting the increasing demand for eco-friendly processes and products.’
Tom O’Neill, Investment Manager at Northstar Ventures, said: ‘We are very pleased to support Dragonfly with further funding alongside angel investors and Innovate UK. They have developed a highly innovative and carbon-efficient method of producing aerogels in a wide range of forms, with applications across many high value sectors. We’re excited to join them in the next stage of their development’.
For more information contact Hekla Goodman,
e: [email protected] m: 07472 747 812
