Nanotech company P2i has become the first business to receive financial backing from HSBC’s new UK Growth Lending fund with a £15m investment.
Oxfordshire-based P2i has developed a form of electronic coating material used by manufacturers for products like mobile phones to prevent liquid damage.
Founded in 2004, P2i claims the material is more environmentally friendly than existing protective coatings for electronics.
“Our halogen-free conformal coatings tackle e-waste in two ways. They not only extend the life of electronic devices in the first place but also allow for much higher recycling rates to boost the circular economy,” said Ahilan Rabindran, CFO of P2i.
“This deal with HSBC UK puts us on track for a successful year. It also gives us the backing to continue our growth in new territories and sectors. In turn, this will increase device and component life cycles, reduce e-waste, and enable vastly improved electronics recycling.”
The new funding from HSBC will go towards scaling the business as it prepares to expand internationally. P2i added that it will use the new funds to prioritise other environmental technology endeavours.
“P2i’s remarkable technology has the potential to be hugely beneficial to the environment by enabling a circular economy for the consumer tech we all rely on, plus there are clear opportunities to do the same in many other markets,” said Roland Emmans, head of the technology sector for HSBC UK.
“The business is just the sort of ambitious and internationally focused tech firm we’re keen to support with our Growth Lending fund, helping to put more scaleups on the road to profitability.”
HSBC launched the £250m Growth Lending fund back in June to invest in high-growth tech scaleups in the UK.
The fund will provide loan investments to companies and will not see the bank take a stake in any intellectual property owned by the firms being backed.