Investment cash spark for high-tech company

Faradion, based at the Electric Works, in Sheffield Digital

Campus, has received a five-figure Seedcorn Fund investment to help bring down the cost of batteries which could make electric vehicles more viable.

Electric vehicles are dependent on batteries that, in some cases, cost as much as a conventional car.

Named after chemist and physicist Michael Faraday – who was pivotal in developing the science of electrochemistry – Faradion plans to use a number of technologies which can potentially halve the costs of storing electrical energy

Andrew Dixey, the chairman of Faradion, said: "Electric cars have been tried many times but have typically suffered from disappointing range, performance and cost.

"Faradion is a new company with the ambition to allow better and cheaper batteries to change people's perceptions.

"Without cheaper batteries there will always be a danger that electric vehicles will not be an option for mass production, especially in developing economies."

Ashwin Kumaraswamy, investment manager at Finance Yorkshire, added: "I am delighted to be able to back Faradion with this investment.

"As chairman, Andrew Dixey brings with him vast experience of taking early stage companies to market where stakeholder relationships play a key role in the success of the business.

"He has previous experience in the battery sector and has raised significant funds to develop technologies, taking them to market and, in doing so, increasing the shareholder value."

Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from 15,000 to 2m.

The project is supported financially by the European Union. It has attracted 30m investment from the European Regional Development

Fund (ERDF) as part of Europe's support for the region's economic development through the Yorkshire and Humber ERDF Programme.

For more information about Finance Yorkshire, visit www.finance-yorkshire.com or telephone 0845 649 0000.