Foresight Williams Technology EIS Fund makes £500,000 first investment
Foresight Williams Technology EIS Fund has invested £500,000 into Southampton-based Utonomy, a ground-breaking intelligent gas grid solutions provider.
The investment marks the first for Foresight Williams Technology EIS Fund, which was formed in November to combine the Williams Advanced Engineering team with SME investment company, Foresight.
Established in 2015, Utonomy has developed an innovative technology for reducing leakage in gas distribution networks. Its unique “internet of things” solution automatically optimises gas distribution pressures through electro-mechanical actuators retrofitted to the network and controlled by intelligent, cloud-based software.
Williams Advanced Engineering will be tasked with supporting the design and development of the actuator technology, a critical component of the Utonomy gas network management solution.
Craig Wilson, Managing Director, Williams Advanced Engineering, commented: “Williams Advanced Engineering and Foresight launched this Fund with the vision to support emerging technologies and innovative solutions to global problems. Thanks to four decades of successful operation at the pinnacle of motor racing, and vast experience in technology development and complex engineering delivery, Williams Advanced Engineering is very well placed to support Utonomy and its pioneering technology.”
Foresight Williams Technology EIS Fund plans to make investments of up to £2 million into at least ten qualifying UK SMEs, supporting the next generation of engineering technology success stories in the UK.
The leakage of methane from gas distribution networks is a massive global problem with over 300 bn MWh of this potent greenhouse gas lost from networks around the world each year. This is estimated to cost consumers more than £5 bn per annum. The leakage of methane has a serious impact on the environment, releasing the equivalent of 1.7 bn tonnes per annum of CO2 into the atmosphere – more than four times the total emissions of the UK.