A Bristol-based firm has secured £4.8m worth of funding from the UK Space Agency.
iCOMAT, a spin-out company from the University of Bristol, backed by the NatWest Accelerator programme, provides patented light weighting solutions through technology across the aerospace, automotive and the space industry.
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The funding is part of a wider £50m investment round from the UK Space Agency to back the development of space research, manufacturing and testing facilities across the UK, create new jobs and enhance the UK's offering of space capabilities and services to international investors. iCOMAT is one of 12 successful applications throughout the UK.
In the South West iCOMAT will use its funding to form a new local cluster of research and development, and production facilities, creating exciting new job opportunities, attracting talent to the region and increasing accessibility of materials to businesses in the market. When operational it is expected to create an additional 60 roles in the region.
Rony Seamons, head of people operations, iCOMAT said: “Through this investment, we enter an exciting new era for the business which brings an opportunity to grow our existing team. When fully operational, we expect to bring an additional 60 high-value roles to the company to help drive production, which will include multiple engineering and some highly specific composite roles. We have also made plans to engage with local learning providers to we can continue to provide exciting career paths for those leaving education in the region.”
“Being a part of NatWest’s Entrepreneur Accelerator Hub has been a key part of the growth of the business and for myself on a personal level as a former Accelerator Manager. It’s provided us with mentoring support as well as access to a like-minded community of entrepreneurs who are always happy to offer advice and share learnings from their own experiences.
“We’re looking forward to continuing our relationship with NatWest as we work together to expand the business and create high quality employment and investment opportunities in the region.”
