Lineat, a sustainable technology business specialising in the recycling of carbon fibre, is investing in Wales following a £1.4 million equity raise led by Green Angel Ventures and the Development Bank of Wales.
Lineat has moved its head office and production facility from Bristol to a new 4,800 sf. ft unit on Newhouse Farm Industrial Estate, Chepstow as the spinout of Bristol University targets revenue of £10 million by 2028. Up to 24 jobs are expected to be created.
Lineat is leading the development of commercial fibre alignment technologies and products to turn single-use carbon fibre into a multi-use sustainable commodity material of the future. The company operates in the aerospace, automotive, motorsport, sport, renewables and electronics sectors.
As investors in emerging green start-ups, Green Angel Ventures led the equity round with £550,000 alongside £350,000 from the Development Bank of Wales. Lineat also has the support of the UK Innovation & Science Seed Fund, East Innovate, SFC Capital, follow-on investors and business angels. The innovation team at Welsh Government advised on the availability and suitability of new premises.
Gary Owen is co-Founder and Chief Executive of Lineat. He said:
“Current carbon fibre material formats are expensive, hard to form into shape and highly wasteful with poor recycling routes. It is more expensive than aluminium and has a much higher footprint CO2e than steel, yet more than 90% end up in landfill.
“Our core technology is the patented Aligned Formable Fibre Technology (AFFTTM). It takes carbon fibre waste, reclaimed from end-of-life or from process, and aligns the carbon fibres into a new fibre tape. This next generation of sustainable material retains the high strength properties carbon fibre is known for, adds unique formability to simplify manufacturing, and allows multiple re-use of carbon fibre in technical components.
“The support of our investors will now enable us to further develop our technology as we prepare to capitalise on the new and rapidly expanding general composite market from our new base here in Wales.”
Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans said:
“One of the central aims of this Government is to grow and support Wales’ green economy, creating good quality sustainable jobs in the process.
“Lineat are an excellent example of this, joining a growing number of cutting-edge, green businesses which have chosen Wales as the best place to anchor and expand their operations over recent months. We are pleased to have played a part in helping Lineat identify their new HQ and look forward to them commencing the next chapter of their exciting growth journey here in Wales.”
Cam Ross is Chief Executive of Green Angel Ventures. He said:
“We have been impressed with the vision and ingenuity of Lineat’s technology. It has the potential to be transformative in the treatment of carbon fibres.”
Adam Ramzaan is an Investment Executive with the Development Bank. He said:
“There is expected to be 500,000 tonnes of carbon fibre waste by 2035 if there are no significant changes to current practices. By making more out of carbon with the development of a pioneering circular route for carbon fibre, Lineat is set to make a positive contribution to the Welsh economy with job creation and innovation while helping to lower carbon footprint. Working with our co-funders, our collective equity investment will help Lineat to scale-up production and meet demand from manufacturers who are aiming to achieve net-zero emissions. It’s exactly the kind of innovative and pioneering tech venture that we want to nurture in Wales.”
The funding for Lineat came from the £20 million Wales Technology Seed Fund that is financed entirely by Welsh Government. Equity investments between £50,000 and £350,000 are available for Welsh tech businesses, and those willing to relocate to Wales, at a proof-of-concept stage.
