Utonomy secures £1m to advance its methane reduction technology for gas networks.
The funding round was backed by LBA, the Stephenson Fund, and the Enterprise M3 Growth Fund.
Share allotment filed at Companies House
Utonomy develops technology to optimise pressure within gas distribution networks to curb greenhouse gas emissions. The business operates from the University of Southampton Science Park.
Utonomy has raised £1m in funding from backers including LBA, the Institution of Mechanical Engineers' Stephenson Fund, and the Enterprise M3 Growth Fund. The Southampton-based company has created a system designed to regulate pressure across gas distribution networks in order to minimise methane waste and combat climate change.
The capital will be directed towards finalising product development and securing regulatory certification for the technology. Additionally, the firm plans to grow its engineering workforce and set up a new sales and marketing office in Munich.
Use of funds
- 01Continue product development
- 02Grow the team
- 03Expand into international markets