Bladon Jets secures investment
Company to use funding to fuel turbine engine development
Developer of micro gas turbine engines, Bladon Jets, has raised funding of £500,000 to boost expansion plans, it has been announced.
Launched in 2002 by the Paul and Chris Bladon, Bladon Jets uses axial flow technology to develop its engines, which are suitable for use in hybrid electric vehicles.
The company has raised £500,000 in a recent funding round from members of the Oxford Investment Opportunity Network (OION), a technology investment network. Furthermore, Indian multinational business group, Tata has recently announced it is investing in Bladon Jets for a minority shareholding.
The company has said it plans to use the finance to explore and develop its current turbine engine technology.
Chairman of Bladon Jets, Paul Barrett, said: “We want to establish micro gas turbine engines as the range-extending power source of choice for hybrid car manufacturers. But there is also significant potential for our micro gas turbines in combined heat and power units and other small-scale power generating units, not least in India. Tata have many different divisions and we are looking forward to exploring the further opportunities for our technology.”
Bladon Jets has also recently led a consortium that won a UK Technology Strategy Board (TSB) funding award for developing low carbon vehicle technology. The £2.4m award is for development of a turbine generator purposely designed for a car, and requires match-funding. The OION investment will be used to help continue the TSB programme.
Eileen Modral, OION investment manager, said: “We congratulate the Bladon Jets team on their successful fundraising. Clearly, hybrid and electric vehicles are going to be a dramatically growing market in the coming years.”
© Crimson Business Ltd. 2010