EDINBURGH-based battery technology specialist Dukosi has secured £200,000 of funding from angel investors and Scottish Enterprise to develop a full prototype of its product.
Dukosi, which develops silicon chips and battery management systems, is seeking £600,000 of funding of bring its product to market for use in electric vehicles and wind turbines.
The first tranche of cash came from Edinburgh-based Par Equity Angel Syndicate, alongside matched funding from the Scottish Enterprise Co-investment Fund, which is part-funded by the European Regional Development Fund.
Dukosi has developed technology that monitors lithium ion cells in batteries, with the aim of extending battery life and making them more efficient and safe. Uses for the technology include car batteries for hybrid electric vehicles and energy storage devices for wind turbines.
Stephen Churcher, chief executive of Dukosi, said: "We spotted an opportunity to develop a very exciting piece of technology that is multifunctional and potentially ground-breaking.
"There are a variety of applications, from making cars more efficient and cheaper to run, to assisting the renewable energy industry in the challenge they face in matching generating capacity to grid load demands.
"The funding Dukosi has secured allows us to take the technology to the next stage of development."
The firm employs five people plus a number of contractors and expects to add to its workforce as a result of the deal.
The first £200,000 tranche of funding will be used to take the technology from proof of concept stage to full prototype.
The second batch of £400,000 is expected be placed if the company makes further progress with customers.
This is the first investment made by Par Equity with Dukosi and it hasn't disclosed the size of stake it will be taking.
Paul Munn, partner at Par Equity, said: "Dukosi's enabling technology is a good example of how a relatively small Scottish business can have the potential to make a global impact on the clean technology sector."
David Grahame, chief executive of LINC Scotland, the national association for business angels in Scotland, said: "It's extremely encouraging to see that there is solid activity in the angel investment market in Scotland, encouraging entrepreneurship and putting Scotland ahead of the curve in technological advancements."
Mr Churcher has a PhD in electronics engineering from Edinburgh University and is an honorary fellow there.
After working in design and management positions for American technology company Xilinx, he co-founded Elektrobit (UK), a wireless systems design consultancy, in 1999. As technical director he worked on the integrated circuit side of the business before buying it out to form Dukosi in 2003.
Dukosi is chaired by Ian Irvin, a Scot with Vietnamese property interests and a member of the Par Equity investor syndicate and its advisory panel.
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