Concretene, a maker of graphene admixtures that let builders use less cement in concrete, has raised £4.5 million in the first close of its Series A round. The Northern Powerhouse Investment Fund II leads the round with £2 million through NPIF II - PXN Equity Finance, which PXN Ventures manages, and existing backers LocalGlobe and Molten Ventures are also investing. The new money will pay for industrial-scale admixture manufacturing and scaled concrete trials with industrial partners, as well as further development of the Manchester graphene programme.
A spin-out from the University of Manchester, Concretene is building a circular manufacturing programme that turns wastewater biogas from United Utilities into carbon-negative graphene at multiple-tonne scale. That 'Manchester graphene' then goes into an admixture that cuts the carbon footprint of concrete assets for the water sector and the wider construction industry. In laboratory work and previous scaled trials, the admixture showed the potential to remove 10-20% of the cement from commonly used industry mixes with no impact on strength, durability, batching or placement. The product is designed to be cost-neutral at scale, so builders pay standard concrete prices and avoid a green premium.
LocalGlobe first backed Concretene in 2022, followed by Molten Ventures and Arup, the global engineering consultancy, which supports technical development and industry adoption. The first close was announced while Business, Innovation, Science and Trade Secretary Jonathan Reynolds was visiting Concretene's materials testing facility in the Sister innovation district, where he congratulated the team on securing £2 million in backing from the British Business Bank.
The Northern Powerhouse Investment Fund II is a £660 million fund from the British Business Bank, managed in the North West by PXN Ventures. Through it, small and medium-sized businesses can get loans from £25 thousand to £2 million and equity investment of up to £5 million to start up, scale up or stay ahead. The fund aims to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses, and to increase the supply and diversity of early-stage finance for smaller businesses that might otherwise not receive investment.
This round takes us from the lab to multi-tonne manufacturing. Backing from the British Business Bank through PXN, more than matched by investors who have stood behind us for four years, means Manchester graphene can cut carbon from British construction without adding cost.
As well as being the birthplace of graphene, Manchester and the wider North West region has a long history of producing world-leading companies in the advanced manufacturing space. As the fund manager for NPIF II in the North West, we're proud to be backing Concretene as it embarks on its next growth chapter, moving ever closer to a range of commercially scalable products with various industrial applications to lower the construction industry's carbon footprint.
