LISBURN engineering company Rock Extraction has secured £500,000 funding to further develop the Volt 100K, an innovative rock-breaking tool offering a cleantech alternative to explosives for the global mining industry.
The round was matched by Co-Fund NI and totalled £500,000, which the company will use to further progress the prototype, extend its patent portfolio and manufacture the first run of production units.
HBAN, a joint initiative of Invest NI, InterTradeIreland and Enterprise Ireland, dedicated to the all-island promotion of business angel investment, allows companies to pitch to angel investors for funding.
Ian Dawson, co-founder of Rock Extraction said: “The investment readiness part of our engagement with HBAN really helped to refine and articulate our investment proposition. The funds from the angel investors and Co-Fund NI will give us a real boost to develop our product and progress the manufacturing process.