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A UK-based manufacturing start-up has received US$1.2M investment to expand global sales of their smart corrosion inhibitors – offering superior protection and a sustainable solution to key industries worldwide.
Corrosion costs the world economy US2.5trn every year and is the root of many environmental and social challenges across the globe. An ambitious South Wales start-up has found a way to protect metals for up to 10 times longer, through their innovative, smart inhibitors – raising US$1.2M of financial support to ramp-up commercial activity across the globe.
The US$1.2M investment comes from new investors from the British Business Bank Future Fund and Enterprise Investment Scheme, as well as continued support from existing investors Development Bank of Wales, Armourers & Brasiers, Sunnybarn Investments and Hexigone Chairman, Mr Owen Sennitt. The cash-injection comes at a key milestone for Hexigone, with recent technical validations leading to commercial sales. The company is also on the verge of completing major deals with two multi-billion-pound coating industry giants in Asia, following an ambitious global sales strategy.
Worldwide demand for inhibitors is expected to reach £6.7bn in 2021 – encompassing the aerospace, automotive, architectural and the energy sectors. Hexigone’s smart, self-healing technology is unique within the coatings industry and offers a high-performance alternative to the toxic, market-leading inhibitor that is currently being phased out around the world.
Former owner of Spencer Coatings Group and Chairman of Sunnybarn Investments Ltd, Phil Buck, added:
"We are delighted to reinvest and provide further support to the Hexigone team as they begin to scale the business for the future. As well as welcoming new investors, all current investors – including the Development Bank of Wales – reinvested, which demonstrates future confidence in the company.
This anti- corrosion technology will be soon adopted by the coatings market and will become the industry gold standard within five years”
Hexigone’s technology not only delivers superior protection of metal surfaces but offers a unique and sustainable way of tackling corrosion. The inhibitors are available ‘on demand’ and respond to a corrosive attack when it occurs– allowing the coating to protect the metal underneath in a more intelligent way. Independent testing has proven that the technology vastly reduces maintenance costs, which in turn, reduces the drain on natural resources.
In a cost analysis with an oil and gas refinery, it was found that just one of their offsite chemical storage tanks costs them US$374,000 to repaint every 15 years due to corrosion. Hexigone’s technology has shown to increase metal asset longevity by c. 50% and can therefore increase the coating life cycle of the tank by seven years, reducing the cost of maintenance per tank by a third.
Patrick Dodds, CEO and Founder of Hexigone added:
"This investment positions Hexigone for huge levels of growth in 2021 and we are extremely excited about the next phase of commercial ramp-up. Over 40 prospective clients are formulating with our product – with lengthy technical validations currently being completed. We hope to be working collaboratively with these customers to deliver smart coatings across the globe in 2021 and beyond…
"The investment is recognition of the hard work and dedication of the Hexigone Team, which will be growing rapidly this year to execute our commercial expansion and manufacturing scale-up. Further investment opportunities will become available as we plan a series A raise later this year and we welcome enquiries from venture capital firms.”
