Utonomy secures £1m investment

Big reward for Catalyst company set on reducing methane waste.

Sustainability startup Utonomy has secured its funding target of £1m, thanks to investment from the Institution of Mechanical Engineers’ Stephenson Fund and the Enterprise M3 Growth Fund.

Based at the University of Southampton Science Park, and part of the prestigious Catalyst incubator programme, Utonomy has developed a solution to optimise the pressure in the gas distribution networks. The company’s mission is to reduce leakage of the greenhouse gas, methane, from gas networks and thereby make a significant impact on climate change.

Globally, gas networks lose 300 billion megawatt hours through leakage every year; £16bn worth of energy that simply vanishes into thin air. Utonomy’s technology is designed to reduce this figure by up to 25 per cent, providing cost savings whilst decreasing the greenhouse gasses needlessly released into the environment.

The £1m funding round was led by the Institution of Mechanical Engineers’ Stephenson Fund with an investment of £150,000.

Launched in 2015, the Stephenson Fund invests in promising companies as they progress from the R&D phase towards market-readiness. The Fund’s mission is underpinned by the words of IMechE founder, George Stephenson, as it aims to finance “invention(s) likely to be useful to the world”.

Adam Kingdon, CEO, Utonomy, commented “We are delighted to receive investment from the Stephenson Fund. The investment will enable us to complete our product development and certification of our innovative solution for reducing methane emissions.

“We are very fortunate to count the Institution of Mechanical Engineers as a shareholder, and look forward to working with them as we grow Utonomy into a world leading company.”

The funds will enable Utonomy to expand its engineering team and to establish a new international sales and marketing base in Munich.

If you have a life-changing business idea in the science and tech field then we want to know about it; enter the 2017 Catalyst Programme at www.catalyst-centre.co.uk or call 02380016199.