Award of Technology Strategy Board funding

RNS Number : 6519E

Revolymer PLC

14 April 2014

 



14 April, 2014

Revolymer plc

Award of Technology Strategy Board funding award to develop new marine fouling control coatings

Revolymer plc ("Revolymer" or the "Company"), the British polymer technology company, is pleased to announce a £0.5 million funding award by the UK's innovation agency, the Technology Strategy Board to a consortium to co-fund a 2-year, collaborative research project to develop new, sustainable high-performance marine fouling control coatings.

The project will be run through a collaboration between Revolymer, AkzoNobel's International Paint Ltd, the University of Liverpool and Newcastle University. Together the consortium will maximise their collective expertise to develop innovative fouling control technology with Revolymer's novel polymer formulations fulfilling a key role.

The accumulation of marine organisms on the underwater areas of marine vessels and structures (fouling) is a cause of major concern for the maritime industry. The presence of fouling on a ship's hull leads to an increase in surface roughness. This results in a significant increase in hull frictional drag causing increased fuel consumption and therefore increased carbon dioxide emissions. The increased energy consumption cost associated with marine fouling can run to billions of pounds every year.

With the cost of fuel increasing and growing concerns regarding emissions there is a strong market demand for new, sustainable, fouling control coatings technology that can deliver reduced fuel cost and reduced emissions with increased ship operating efficiency over longer in-service periods.

Rob Cridland, Acting Chief Executive of Revolymer said:

"I am pleased that this project to develop new and improved fouling control coatings that use Revolymer's polymer technology was chosen by the Technology Strategy Board to receive grant funding. With demand for sustainable marine coatings expected to increase, this project represents an exciting new opportunity for Revolymer."

The funding was awarded as part of the Technology Strategy Board's "Materials Innovation for a Sustainable Economy" competition aimed at encouraging the development and application of sustainable materials, products and processes through collaborative research programmes.

Ends

For further information please contact:

Revolymer plc	[phone]
Rob Cridland
Panmure Gordon (UK) Limited	[phone]
Callum Stewart / Adam James (Corporate Finance) Adam Pollock / Charles Leigh-Pemberton (Corporate Broking)
Citigate Dewe Rogerson	[phone]
David Dible /Malcolm Robertson

About Revolymer

Revolymer® is a technology company that designs, develops and formulates novel polymers to improve the performance of existing consumer products within the fast moving consumer goods (FMCG) and other industrial markets. Revolymer aims to generate significant and growing high quality revenue streams by licensing its unique technologies to manufacturers and marketers within these markets. Potential applications for the business's technologies are in the household products, personal care and coatings & adhesives product areas (together "Consumer Specialties") and in medicated chewing gum (including nicotine gum) and confectionery chewing gum (together "Gum").

www.revolymer.com

About the Technology Strategy Board

The Technology Strategy Board is the UK's innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit:

www.innovateuk.org

Collaborative R&D:

As the UK's innovation agency, one of the main roles of the Technology Strategy Board is to achieve business and economic growth for the UK. One way the organisation supports this is through funding innovative Collaborative Research and Development (CR&D) projects. Collaborative research and development (R&D) encourages businesses and researchers to work together on innovative projects in strategically important areas of science, engineering and technology - from which successful new products, processes and services can emerge, contributing to business and economic growth. Find out more about the CR&D programme here: https://www.innovateuk.org/-/collaborative-r-d

 

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