The first investment has been made by the Foresight Williams Technology EIS Fund.
The fund, which aims to support disruptive technologies through high-performance engineering and proven investment management, has invested £500,000 in Utonomy, a pioneering intelligent gas grid solutions provider.
Utonomy, based in Southampton and created in 2015, has developed an innovative technology for reducing leakage in gas distribution networks. Its unique “internet of things” solution automatically optimises gas distribution pressures through electro-mechanical actuators retrofitted to the network and controlled by intelligent, cloud-based software.
Williams Advanced Engineering says it is well-placed to support the design and development of the actuator technology, a critical component of the Utonomy gas network management solution. Foresight’s experience in growing businesses and expanding them globally should help Utonomy in the commercialisation of their technology and the expansion of their business.
The leakage of methane from gas distribution networks is a global problem with over 300 bn MWh of greenhouse gas lost from networks around the world each year. This is estimated to cost consumers more than £5bn per year. More importantly, leakage of methane has a serious impact on the environment, releasing the equivalent of 1.7 billion tonnes per annum of CO2 into the atmosphere. This is more than four times the total emissions of the UK.
CEO of Utonomy Adam Kingdon said: “We are delighted to receive investment through the Foresight Williams Technology EIS Fund. This will enable us to complete the product development, certification and customer trials of our innovative solution for reducing methane emissions. We are very pleased to get the chance to work with Williams Advanced Engineering to develop our technology further and to have the support of Foresight to grow Utonomy into a world leading company.”
Head of Technology Ventures at Williams Advanced Engineering Matthew Burke said: “Utonomy is an exciting business and their technology is a great fit for Williams Advanced Engineering. Our engineers are looking forward to working with them on the electro-mechanical actuator and control systems, and we are confident that we can help them accelerate their product design and development going forward.”
Chairman at Foresight Bernard Fairman added: “We are delighted to announce in collaboration with the Williams Advanced Engineering team, the Foresight Williams Technology EIS Fund’s first investment. Utonomy offers a truly exciting proposition that addresses a global problem. The experienced management team has already achieved a considerable amount of success over the past two years in terms of development and we now have the opportunity to support the business as it looks to capitalise on global opportunities.”
“Through the Fund we will continue to look to support high-quality disruptive technology leaders seeking EIS funding in order to develop and commercialise their proposition.”
Craig Wilson, Managing Director, Williams Advanced Engineering, commented:
“We’re very pleased to be announcing the first investment from the Foresight Williams Technology EIS fund. Williams Advanced Engineering and Foresight launched this Fund with the vision to support emerging technologies and innovative solutions to global problems. Thanks to four decades of successful operation at the pinnacle of motor racing, and vast experience in technology development and complex engineering delivery, Williams Advanced Engineering is very well placed to support Utonomy and its pioneering technology.”
Foresight and Williams announced their collaboration in November last year to combine the Williams Advanced Engineering team with Foresight’s successful investment track record.
