PlasmaBound’s latest investment will accelerate viability of its electric vehicle proposition and could have a step-change impact on sustainable manufacturing.
UCD spin-out business PlasmaBound has closed a €750,000 funding round from Business Venture Partners (BVP).
This follows a previous 2022 raise with Act Venture Capital, Atlantic Bridge and Enterprise Ireland, bringing to €3.1m the total funding raised in 2022.
“It will help PlasmaBound bring about a further positive impact to the environment”
PlasmaBound has developed Controlled Polymer Ablation (CPA), a ground-breaking, environmentally friendly bonding technology for lightweight composite materials. CPA enables high speed and low-cost bonding of ultra-lightweight materials.
Longer electric vehicle ranges
PlasmaBound’s vision is to make lightweight materials affordable for low to mid-range electric vehicles (EVs), moving the drive toward lower CO2 emissions and longer EV ranges into mass-market applications. This will accelerate viability of the EV proposition and have a step-change impact on sustainable manufacturing.
“We are delighted to have secured this investment from BVP,” said Alan Barry, CEO of PlasmaBound. “It will help PlasmaBound bring about a further positive impact to the environment with the adaption of our CPA technology in manufacturing process throughout various sectors, with a particular focus on automotive, aerospace and space, along with consumer electronics and sports and leisure,”
The business was co-founded in 2017 by Dr James Nicholas Barry, Alan Barry and Xavier Montibert, and was recently selected as one of 5 start-ups to win access to the Hyundai Motor Company and KIA Corporation sponsored 2022 Accelerate the Future Challenge.
PlasmaBound is headquartered at NovaUCD.
“BVP believes in transforming through technology and have been impressed by the environmental benefits that PlasmaBound can deliver across various sectors through the application of its CPA technology,” said Stephen Burdock, Director, BVP.
“BVP are pleased to be able to support this innovative company who are driving real value across global markets.”
Main image at top: PlasmaBound founders, Dr James Nicholas Barry, Alan Barry, and Xavier Montibert