LBA announces that Scour Prevention Systems Ltd (SPS) has successfully raised c. £350k. The company presented to LBA on 26 May 2011 looking for just £100k to close its funding round which included a £100k grant, and received an overwhelming response from our network, with firm offers for significantly more than this. SPS ultimately accepted £100k from two hands on value adding LBA investors.
The Suffolk based company is developing a novel and cost effective approach to combating the problem of ‘scour’ around offshore wind turbines and other offshore structures. The company is led by a management team with significant experience in the North Sea oil and gas industry as well as diving.
The investment will be used to accelerate growth of the business through completion of product trials, strengthening the patents and establishing a sales and marketing infrastructure, the immediate target being the vast North Sea offshore wind farms.
Anthony Clarke, LBA Managing Director comments: “This early stage company with a very experienced sector based management team impressed our investors with their novel approach to solving an acute industry problem. There were many disappointed LBA investors who missed out here!”
Mark Aspinall, CEO of Scour Prevention Systems notes: “ LBA has been brilliant for us, and hopefully we’ll be back over the next couple of years with other technologies that garner a similar level of interest.”
[mappress]
Source: LBA , August 04, 2011