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2008 - £1million funding boost for cascade Technologies

Cascade Technologies, the Scottish-based world leader in the application of quantum cascade lasers, has announced that it has secured an additional £1million of funding to develop further market opportunities.

The Univeristy of Strathclyde spin-out company drove the third round of funding alongside existing shareholders which includes Bank of Scotland Corporate, Braveheart Investment Group plc, Scottish Enterprise’s Scottish Coinvestment Fund (SCF) and PUK Ventures.
Cascade Technologies has developed and patented the world’s first real-time technology for the detection, measurement and monitoring of gas emissions and explosives through its revolutionary use of quantum cascade lasers. In the past year Cascade’s technology has surpassed rigorous legislation requirements which has led to a sharp increase in sales throughout Europe and
the USA. The company’s security sensors have also undergone successful trials with the Home Office and the Ministry of Defence.
Iain Howieson, managing director of Cascade Technologies, said the new round of funding has been designed to support Cascade’s sales and marketing efforts as it builds its order book. He added: “Cascade is in an exciting position to capitalise on the recent developments in trialling its technology and we are delighted to have sustained backing from our core investors. We look forward to taking more of our products to market and increasing our sales pipeline.”
Stephen Green, Director of Growth Equity at Bank of Scotland Growth Equity, said: “We remain committed to Cascade and genuinely excited by the potential of the business. Cascade has a compelling product offering and we believe the next 18 months could be transformational for the business.” Geoffrey Thomson, chief executive of Braveheart, said: “We are delighted to be continuing our support of Cascade with this, the next stage of funding to support the company’s sales and marketing drive. Cascade has developed pioneering sensor technology which has scope to create strong sales across Europe and further afield.”

Puneet Bhatia, Investment Director at PUK Ventures, added: “We are pleased to have participated in this strategic financing. Cascade now has significant, blue chip partners in the market roll-out of its laser detection systems and this financing round confirms our strong commitment to the continuing growth of the business.” Andrew Sloane, investment manager for the Scottish Co-investment Fund, commented: “As Scotland’s enterprise, innovation and investment agency supporting business growth and developing the business environment, we have a major role to play in helping to increase Scotland’s investment activity.
“Access to investment is extremely important for young, dynamic Scottish companies, like Cascade Technologies, to accelerate their  growth and expansion. Through the Scottish Co-investment Fund and our partners, like Braveheart, we can help make this happen.”
Meanwhile Cascade has announced that it has extended its technology licensing agreement with BP Marine for a further five years.
The partnership has seen Cascade exclusively design and supply emissions monitoring systems for use in the marine industry.
The extended commitment will generate £10million of orders by 2010, with projected revenues set at £25million over the next five years.
Iain Howieson said: “We have been working closely in partnership with BP Marine to develop a system that will allow it to measure emissions more quickly, accurately and cost-effectively.
“The technology has undergone robust sea trials on a number of BP Marine customer vessels, allowing them to demonstrate compliance with regulations governing emissions and future more stringent in-port requirements of the European Union.
“We are pleased to now extend our partnership as BP Marine begins deploying this ground-breaking technology across its commercial fleet.” BP Marine Fuels Director of Sustainability and Fuel Technology, Don Gregory, added: “The measurement of exhaust gas emissions in the shipping industry is essential for informing better and more effective emissions legislation. The Cascade QCL  technology design and application provides a real possibility of global adoption of on-line emissions monitoring on all globally trading ships.”



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