Wootzano, once considered one of the brightest lights in the North East tech scene, is facing shutdown after a court order initiated by Innovate UK Loans froze its bank accounts for months.

Founder Dr Atif Syed labelled the scheme – ostensibly a supporter of innovative UK companies – an 鈥渋nsolvency accelerator鈥� last year on social media.

With Wootzano subject to insolvency proceedings initiated by Innovate UK Loans, a source told 老九品茶Cloud that a hearing is scheduled at the Court of Session in Edinburgh – Scotland鈥檚 supreme civil court – today at 10am.

The source added that its bank accounts remain frozen, leaving it unable to fund a legal appeal.

鈥淭he joint liquidators鈥� report submitted to the court identifies c.拢237m of contracted distribution agreements, confirming a substantial underlying commercial foundation,鈥� it said.

鈥淎s a result of the legal process in Scotland, its accounts were frozen, which in turn prevented the company from funding legal representation to challenge the action and it has taken several months to return the matter to court.

鈥淭aken together, this raises the question of whether the current enforcement of government-backed innovation loans is pushing viable tech companies into insolvency due to process rather than performance.鈥�

Dr Syed highlighted this last year as a 鈥減rocedural trap鈥� and said Innovate UK Loans Limited, part of UK Research and Innovation (UKRI), had petitioned the court to wind up his company.

He said last year that the move put the company in an impossible position under Scottish legal rules: 鈥淚n Scotland, a company cannot speak in court without a solicitor.鈥�

Wootzano had developed robots with a ‘sensing skin’ for fruit and vegetable packing and had expanded into the United States.

Dr Syed added: 鈥淎 functioning DeepTech company can be silenced without ever being heard. This is not how innovation should die.鈥�

The business took out an Innovate UK Innovation Loan worth 拢838,000 in 2022.聽

Dr Syed said the product was positioned as 鈥減atient, flexible capital for high-growth innovators鈥�, with flexibility built into the contract.聽

However, he claims that when a funded subsystem failed to reach commercialisation, 鈥渘o flexibility was offered鈥�, and the case moved straight into a standard debt-enforcement route.

Dr Syed said he has been contacted by founders, investors and academics, as well as people inside Innovate UK and UKRI, who were shocked by Wootzano鈥檚 situation and shared similar experiences of the Innovation Loans programme.

He pointed to Innovate UK鈥檚 own portfolio data to argue that the scheme is not working as intended.聽

The figures he shared last year showed 290 companies funded, 228 still active, 44 in liquidation or administration and 17 dissolved.聽

Dr Syed said that means 61 companies – 21% of the portfolio – were already gone.聽

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On Wootzano specifically, he said Innovate UK Loans placed the loan into default even though the funded subsystem had not commercialised yet – a point at which he believes the agreement allows discretion, restructuring or deferment.

He said options such as loan-to-equity conversion were discussed but never progressed and also claimed communication later stopped and enforcement continued despite Innovate UK Loans allegedly relying on 2022 accounts rather than current data, while being aware Wootzano had signed contracts worth 拢537 million and was expanding strategically.聽

He added that senior leadership within Innovate UK and UKRI were not aware a petition existed.

In response last year, an Innovate UK spokesperson said: 鈥淚nnovation is inherently risky and new technologies, markets and businesses can fail. This is why Innovate UK provides loans to SMEs to bridge the gap between late-stage R&D and commercialisation. The loans are patient capital and are flexible.

鈥淲e can confirm that Wootzano received R&D funding from Innovate UK (a combination of grants and loans totalling over 拢2.5m), as this is a matter of public account. However, we cannot comment further on individual cases.

鈥淧ublicly funded loans are important for supporting innovation that鈥檚 too risky for traditional finance, often working together with private investment 鈥� supporting businesses and technologies that have the potential to create new industries, jobs and solutions, even though not all will succeed.鈥�

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Coventry-headquartered Mpac Group plc said Will Wilkins (pictured) will depart at the end of July 2026 as it revealed its annual results.

Wilkins is leaving to pursue a new opportunity. Duncan Tyler, currently group corporate development director, has been appointed as interim CFO – a non-board role – and will work alongside Wilkins over the coming months to ensure an orderly handover.聽

Mpac saw revenues rise in the 2025 calendar year, but profits dropped as it pursues a leaner operating model amid macroeconomic headwinds.

Revenue climbed 42% to 拢174.1 million. While underlying profit before tax grew 27% to 拢13.5m, this did not take into account pension and reorganisation costs. The statutory figure was a 拢7.7m loss, down from a 拢3.4m profit in 2024.

Debts at year-end grew from 拢37.5m in 2024 to 拢47.9m in 2025. Order intake was 26% up at 拢150.9m, but the closing order book was 拢90m, down 24%.

The results were in line with market expectations.聽

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鈥淔aced with a backdrop of macroeconomic uncertainty, which led to customers deferring investment decisions, the group took decisive actions to reduce operating costs and to focus on cost and cash management,鈥� said Mpac.聽聽

鈥淭his leaner and more efficient operating model positions the group well to navigate the ongoing pressure on customers in 2026.鈥�

Mpac said it has made good progress on the integration of CSi Palletising Boston Conveyor & Automation in their first full year of contribution to the group.

CEO Adam Holland said: “The group delivered 2025 full year performance in line with market expectations, navigating challenging capital equipment markets characterised by macroeconomic uncertainty and geopolitical unrest.聽聽

鈥淲e responded promptly to lower order intake in H1, stabilising the order book in H2, and taking decisive actions to reduce our cost base.聽 These actions, combined with the positive impact of acquisitions completed during the prior year, delivered improved margins in 2025 and prepared the group for the year ahead.

“We started 2026 with a lower order book, growing price competition and an increasingly uncertain geopolitical environment.聽 The team have responded proactively, taking action to further reduce costs in response to the near term challenges and to position the Group to respond strongly when market conditions improve.”

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The capital will accelerate the London company鈥檚 plan to open 25 factories by the end of 2026, expand its engineering teams while launching into Germany, France and Ukraine.

The round was led by Union Square Ventures, an early backer of Twitter, Coinbase, Etsy, Abridge and Twilio.聽

New investors Tamarack Global and IQ Capital joined the round alongside existing investors Notion Capital and CIV.聽

Angel investors include Alex Bouaziz (Founder and CEO of Deel), Andrei Danescu (Founder and CEO of Dexory Robotics) and Matt Briers (former CFO of Wise).

Component manufacturing is a market worth $1.8 trillion a year. Yet small businesses account for 95% of production and they are rapidly disappearing. The average owner is over 65 years old and 40% plan to retire within five years.聽

This erosion of industrial capacity is colliding with surging demand from aerospace, defence, energy and robotics companies given re-shoring and spending increases on critical industries. Without decisive action, the widening gap between supply of factories and demand from customers risks hollowing out the industrial base of Europe and North America.

Isembard manufactures high-precision components for many of the world鈥檚 most demanding customers. The company operates its own and franchisee factories, differentiated by its proprietary software and AI system, MasonOS, which runs them.

MasonOS integrates quoting, scheduling, supply chain, manufacturing, quality control and delivery into a single intelligent agentic operating layer, automating and continuously optimising factory performance.

The company identifies exceptional operators – from manufacturing, the military, franchising and the wider economy – and equips them with its technology, brand, engineering standards and access to customer demand. Franchisees can launch new Isembard factories from the ground up or convert existing businesses into an Isembard factory.聽

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This approach enables rapid expansion of high-quality manufacturing capacity while preserving local ownership and strengthening sovereign industrial capability across the United Kingdom, United States and Europe.

鈥淢anufacturing is the origin of our security, prosperity and sense of purpose as nations,鈥� said Alexander Fitzgerald, founder and CEO.聽

鈥淭his Series A enables us to open more factories, invest in MasonOS, support exceptional franchisees and recruit the best engineers across Europe and the United States. Our mission is to forge industrial acceleration.鈥�

Rebecca Kaden, managing partner at Union Square Ventures, said: 鈥淚sembard is redefining the process of owning and running a factory. By embedding deep operational expertise into an agentic OS, MasonOS lowers the barrier to operating high-performance manufacturing businesses and enables a networked, capital-efficient path to scale.聽

鈥淎t a moment when demand for advanced manufacturing is accelerating and interest in SMB ownership is rising, Isembard brings both forces together.聽

鈥淲e鈥檙e excited to partner with Alexander and his team as they expand access to factory ownership and rebuild industrial capacity across the West.鈥�

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Candy鈥檚 Cupcakes is fast becoming a Greater Manchester success story after turning over 拢2 million last year. It sells traditional-style cakes nationwide and has a fast-growing TikTok Shop which broadcasts six-and-a-half hours a day.

It all began when founder Candice Bannister began baking cupcakes from her home kitchen back in 2011.

鈥淚 used to manage supported housing schemes in Manchester for homeless people,鈥� she tells me on a visit to the facility as part of my Founder Friday series.

鈥淏ut I was very creative so, when I had my first child, I began playing around with baking and decorating cupcakes. I started a Facebook page and it grew organically from there, so I set up as a sole trader.鈥�

Candy, as she is known, was a self-taught baker and began using YouTube tutorials and library books to expand her repertoire to more intricate bakes.

鈥淚 learned how to decorate and work with icing and sugars. I learned to do intricate sugar flowers, which allowed me to start making wedding cakes,鈥� she recalls. 鈥淚 just loved it.鈥�

From 拢300 in my home kitchen to 拢2m sales! Candice Bannister began selling #cakes from her home kitchen with a day one budget of just 拢300. Now @candyscupcakesuk

With orders flying in and regular visits to events such as wedding fairs – not to mention a second child on the way – her diary was filling up. So she gave up her job in 2014 to work on the business full-time.

Ambition

By 2019 she was ready to take the next big step. 鈥淢y ambition was never just to keep making cakes myself,鈥� says Candy. 鈥淚 had read a blog from a lady who said she didn’t want to be a baker for the rest of her life. She wanted to grow a business and expand it.聽

鈥淪o it kind of got in my head that, yeah, I could make this into something bigger than myself.鈥�

She was supported by her husband Oliver, who had a forensic science background but had retrained to become a digital marketer.

鈥淗e said 鈥榬ight, let’s put 拢300 to one side to buy some stock鈥�. Up to that point I鈥檇 bought stuff from Hobbycraft or wherever as and when I needed it!

鈥淥liver used me as a guinea pig – he built me an eCommerce website and designed me a logo. I then employed my first person and moved out of my home kitchen and into my mum’s garages.

鈥淭hat’s a massive leap – to think you’re going to employ someone and that you’ve got to have enough money in your bank to pay them every month.鈥�

She adds: 鈥淭hen lockdown hit and I was like: 鈥極h no, this business is going to shut down.鈥欌��

Letterbox cake

The postponement of events such as weddings and birthday parties due to the COVID pandemic initially caused a significant drop in cake orders.

However Candy pivoted by delivering her products directly to customers鈥� letterboxes rather than shipping them to event venues.

She says their 鈥榗ake in a box鈥� – four slices which slip neatly into a box small enough to fit through letterboxes – was an existing product but took off during lockdown.

鈥淔or contactless deliveries, it was perfect. It just went crazy overnight!鈥� she says.

鈥淏ecause I wasn’t a physical business with a shop – I was a purely online entity – I was able to stay open as long as I followed all the Government guidelines.

鈥淧eople were sat at home and they still wanted to celebrate birthdays, anniversaries and the rest. Or they wanted to send ill relatives a gift in the post. So that was where we came in.

鈥淚 employed a guy who was furloughed from Virgin Airlines. I employed my hairdresser, because she couldn’t work.聽

鈥淐OVID was obviously awful, but we had such a fun time, looking back now.鈥�

Traditional British flavours

Candy鈥檚 Cupcakes remains faithful to traditional flavours such as victoria sponge, lemon, Battenberg, cherry bakewell and Black Forest gateau, although I was quick to try my favourites the red velvet and carrot cake slices.

Another popular product is a 鈥榥ostalgic school cake鈥� – vanilla sponge with runny icing and rainbow sprinkles.

鈥淧eople absolutely love it – but they didn’t have it in my school!鈥� says Candy. 鈥淚t must be an age thing.

鈥淲e鈥檝e found that if you over-complicate flavours, it just doesn’t work. People eat with her eyes.鈥�

She adds: 鈥淚 needed to think of products that I could teach the hairdresser how to make. I could teach you how to do them!鈥�

Post-COVID

With businesses cutting back on marketing spending during lockdown, Oliver supported the expansion of the business by working for free as well as looking after the kids.

As COVID receded in the rear view mirror, he joined officially on a full-time basis.

鈥淢oving into this unit was a massive, massive step for us,鈥� says Candy. 鈥淚t used to be an old nut and bolt factory; we had to gut it, build the office we鈥檙e in today, clean it down, paint it and make it into the five-star kitchen it now is.

鈥淭hat took a lot of our profit. In hindsight, that was a mistake. If I could do it again, I would have sought some kind of finance, because it left us short and playing catch-up, although we obviously did recover.鈥�

The only borrowing they ever did against the business was 拢25,000 from family which they paid back.

鈥淲e did 拢2m last year and we鈥檝e grown 40% in each of the last two years. It鈥檚 gone wild. Now it鈥檚 about making that next big leap.鈥�

TikTok Shop

A big driver of growth has been the company鈥檚 TikTok Shop, which has dedicated presenters and formerly ran until 10pm – but has recently been streamlined to broadcast from 9am to 3.30pm six days a week.

鈥淚t鈥檚 a bit like QVC,鈥� says Candy as we watch the presenter chatting with customers under spotlights. 鈥淗e鈥檚 got a microphone and is encouraging people to place orders. He then packs the orders live and they get shipped out.鈥�

@candyscupcakesuk

Candy says the company is doing between 拢2-3k in sales a day on the channel, which accounted for 30% of its business last year.

By far the most popular product on TikTok Shop is the 鈥榗ake in a jar鈥�, which customers can literally eat directly out of the glass jar.

鈥淚 created that before M&S, by the way. Just putting that out there!鈥� she laughs. 鈥淚t started off as a bit of a teacher gift – I did a rainbow cake in a jar.鈥�

ASCEND

Candy鈥檚 Cupcakes has been supported by advice from the GM 老九品茶 Growth Hub, from a Tameside-based business development mentor to the dedicated manufacturing team, throughout its journey.

These last few months the collaboration has moved up a notch with participation on the ASCEND Scale Up Programme.

鈥淚t felt like a natural evolution. There is one-to-one mentorship with people who have exited a business, which is next-level.

鈥淏oth Susanna Lawson and Vikas Shah are very different, but amazing.

鈥淭hen there is the networking with the peers, because everyone is in the same boat, no matter what business they’re in. It’s just feeling that vulnerability as a founder, which you don’t get when you’re in your business.鈥�

2026 plans

Candy is one of the most honest entrepreneurs I have met. Despite phenomenal growth in the last two years, she says 2026 is about evolving as a business.聽

鈥淲e’re going to work very much on profitability this year – try and repeat what we did last year, but grow a little bit more steady.

鈥淲hen you grow too quickly, like we did in lockdown and again last year, your processes start to fail.聽

鈥淚t’s about constantly learning and thinking more strategically. ASCEND has massively helped me with that.鈥�

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Founded in 2003 by chairman David Lamb, the business designs and manufactures specialist nonwoven technical fabrics for niche applications, with a strong focus on harm reduction.聽

Its products are used in areas including protective clothing, wound care and chemical, biological, radiological and nuclear (CBRN) protection.聽

BGF first invested in the business in 2016, providing multi-million-pound funding to support expansion and innovation.

Since that initial investment, the firm has more than doubled its annual turnover, growing revenues from 拢19 million in 2016 to 拢46m in 2025, with continued growth into 2026.聽

The company has delivered 19 consecutive years of profitability, built a significant export operation and remains a major employer in Somerset.聽

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It has also invested 拢1.5m in research and development to enhance its CBRN protective solutions.

Altrincham-based acquisition group CorpAcq, which is backed by TDR Capital, said the deal adds a high-quality, profitable manufacturer to its growing portfolio.

鈥淣onwovenn is an outstanding business with a leading market position, strong growth prospects and a highly experienced management team,鈥� said Stuart Kissen, head of acquisitions at CorpAcq.

鈥淲e see significant opportunity in the fabric technology space and are looking forward to establishing a long-term partnership with David and his team as Nonwovenn enters the next stage of its development.鈥澛�

Lamb added: 鈥淲e鈥檙e proud to have delivered such consistent growth and strong profitability over two decades, whilst remaining committed to maintaining the highest quality and customer satisfaction across our product lines.聽

鈥淧artnering with BGF has been instrumental in maximising our potential – enabling us to strengthen innovation, diversify product lines and expand internationally.聽

鈥淲e鈥檙e excited to build on these strong foundations in our next phase of growth as part of CorpAcq.鈥�

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The acquisition is on a cash and debt-free basis, with completion expected in the second quarter of 2026.聽

It spans all three Severn divisions – Severn Glocon, ValvTechnologies and LB Bentley – and is designed to strengthen Valmet鈥檚 Process Performance Solutions segment and expand its Flow Control business beyond its traditional biomaterials focus.

Severn is a long-established supplier of specialist flow control equipment to process industries, with more than 60 years of operating history and a customer base that includes large global industrial groups.聽

Finland-headquartered Valmet said the deal would deepen its position in 鈥渕ission-critical valve and valve automation solutions and services鈥�, building on its Flow Control portfolio.

The business reported net sales of 鈧�791m for its Flow Control business in 2024.

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鈥淭his acquisition marks a significant step in the execution of Valmet鈥檚 Lead the Way strategy, strengthening our Process Performance Solutions segment and expanding our Flow Control business,鈥� said Valmet president and CEO, Thomas Hinnerskov.聽

鈥淪evern鈥檚 strong capabilities and proven track record in severe service for demanding applications make it an excellent strategic fit for Valmet. This acquisition strengthens our commitment to deliver lasting customer value over the life cycle.聽

鈥淲e are proud to welcome Severn鈥檚 skilled and dedicated employees to Valmet.鈥�

Severn CEO, Perttu Louhiluoto, added: 鈥淲e are proud to welcome Valmet as our new owner and look forward to building on the strong foundation laid over recent years.聽

鈥淭hanks to Bluewater鈥檚 visionary leadership, Severn Group has grown from a British manufacturer in the energy space into a global industrial business with a truly international footprint.聽

鈥淎s we look ahead, the scale and breadth of the global opportunities in front of us are greater than ever and ones we cannot fully unlock alone.聽

鈥淛oining Valmet positions us to accelerate our growth, expand into new markets, and deliver even greater value to customers worldwide. We are excited about this next phase of Severn鈥檚 journey.鈥�

Financially, Severn鈥檚 2025 net sales are estimated at around 拢188m with an EBITDA margin of roughly 16%.聽

The business employs about 950 people and manufactures mainly in the UK, the US and India.

Valmet said it will fund the acquisition in cash and has secured committed financing from Danske Bank A/S and OP Corporate Bank.

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The news has wiped more than 13% off the AIM-listed group鈥檚 share price.

DBAY said on 9th December that it was considering a possible offer for all the shares in TT Electronics – excluding those already owned by funds managed or advised by DBAY – as it opposes the deal agreed with Cicor.

However the next day, the Panel on Takeovers and Mergers intervened, ruling that DBAY must, by 5pm today, either announce a firm intention to make an offer for electronic components manufacturer TT under Rule 2.7 of the Takeover Code – or confirm that it did not intend to proceed.聽

DBAY accepted the ruling and, by the clarification deadline, confirmed it 鈥渄oes not intend to make an offer for TT Electronics鈥�.

The confirmation effectively removed takeover speculation that had been supporting the share price, prompting a swift negative market reaction.聽

Investors appeared to reassess the firm鈥檚 valuation in the absence of a potential bid premium, leading to the double-digit percentage decline in early trading today.

Under Rule 2.8 of the Takeover Code, DBAY and any person acting in concert with it are now bound by restrictions that prevent it from making an offer for TT Electronics, unless the Panel gives its consent.聽

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However, DBAY noted that it reserves the right to set those restrictions aside in certain circumstances.

These include if Cicor鈥檚 拢287m offer for TT Electronics is withdrawn or lapses with the agreement of the TT board, if a third party announces a firm intention to make an offer, if TT Electronics announces a Rule 9 waiver or a reverse takeover, or if the Panel determines there has been a material change of circumstances.

Despite stepping back from a bid, DBAY reiterated its opposition to Cicor鈥檚 proposed acquisition of TT Electronics.聽

The company said it continues to believe that the terms of Cicor鈥檚 offer are unattractive and confirmed that it intends to vote against the scheme of arrangement.

The news comes just weeks after TT reported flat results in its latest accounts.

For the four-month period ended 25th October 2025, it said revenue was 拢150.4m.

The board reconfirmed its previous guidance for full year 2025, which was for adjusted operating profit expected to be in line with the then-consensus of 拢33.7m.

So far today, its share price has dropped to 115p, while its market cap sits at just over 拢236m.

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The fundraising values the Preston-based company at 拢10 million and attracted backing from existing investor Octopus Investments, through its Octopus AIM VCT plc and Octopus AIM VCT 2 plc funds, alongside the University of Lancashire.聽

As part of the round, existing investor Frontier IP converted 拢250,000 of loans into equity, meaning the group now holds a 36.16% stake in Alusid.

The funding will be used to support the business as it prepares for a potential IPO, while also accelerating the development of new product ranges, expanding its international distribution network and continuing to invest in its proprietary low-carbon manufacturing technology.聽

A key part of this technology is the company鈥檚 patented dry granulation process, which removes the need for spray drying and delivers significant reductions in both CO鈧� emissions and water usage.

Alusid鈥檚 sustainable tiles typically contain more than 95% recycled materials.聽

Through its novel recipes and manufacturing processes, the company has developed products with one of the lowest carbon footprints in the global ceramics industry, positioning it strongly as demand grows for more sustainable building materials.

Alongside its core tile offering, the firm is developing new product categories designed to broaden its target markets and strengthen its proposition ahead of its flotation.聽

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This includes innovation into moulded surface products such as shower trays, basins and architectural components, using a novel mineral and alkali geopolymer-based binder system intended to be produced from UK waste streams.

Market demand for the company鈥檚 products has continued to grow across both retail and commercial channels in the UK and internationally.聽

Topps Tiles has already launched two Alusid-made ranges, Principle and Mas, through its UK retail estate of more than 300 stores, with a third range, Ashton, scheduled to launch in early 2026.

It has also signed distribution agreements with Dutch sustainable materials specialist FRONT Materials BV, Italian firm 3D Wall Panels Italia and, most recently, Kakelspecialisten, one of Sweden鈥檚 largest tile suppliers and a subsidiary of Saint-Gobain. The company鈥檚 customer base also includes Starbucks EMEA.

鈥淐losing this round marks another important step towards bringing Alusid to the public markets,鈥� said Alasdair Bremner, Alusid CEO.聽

鈥淲e are seeing strong and growing demand from retailers and distributors across Europe for genuinely low-carbon tile ranges, and this investment will allow us to accelerate new product development and scale our distribution network with confidence.聽

鈥淥ur ambition is to demonstrate that sustainability and commercial performance can go hand in hand, and we are now well-positioned for the next stage of growth.鈥�

Frontier IP chief executive, Neil Crabb, added: 鈥淎lusid continues to go from strength to strength as the strong support from investors for this funding round shows.聽

鈥淭he company is powering ahead internationally and in developing new branches of products as it continues to explore options for an IPO.鈥�

London-headquartered venture capitalist Frontier has seen its share price hike within the first half hour of trading today since the news was released.聽

So far, it has risen by 6.45% to 16.5p. It currently has a market cap of 拢11.37m.

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Dr David Fyfe, who according to LinkedIn is based in Florida, left retirement nine months ago to lead Cambridge-based Kodiaq Technologies as executive chairman.

A spinout from Cambridge University鈥檚 Department of Chemistry Melville Laboratories, the patented technology is in the field of long duration energy storage.

Dr Fyfe said earlier this year that the startup was in the process of raising 拢3 million funding to take the technology to market. Now it has confirmed the completion of an 拢850,000 funding round backed by over 20 high-net-worth investors across the ClimateTech and DeepTech communities.

The proprietary organic electrolytes – which are metal-free – increase energy density and, therefore, enhance storage capacity. The company believes its technology will enhance the performance of flow batteries with a significant reduction in the investment cost per unit of storage.聽

It says this could potentially provide a scalable, cost-effective alternative to lithium and vanadium-based systems. Additionally, by using organic chemistry rather than mined metals, Kodiaq can offer environmental and strategic advantages as to long-term supply resilience for the global energy storage industry.

Dr Fyfe led the trade sale of Cambridge Display Technology – behind OLED technology development and licensing – to Sumitomo Chemical in 2007. He remained with the company for three years post-sale, marking a decade at the firm.

Kodiaq Technologies was co-founded by Professor Oren Scherman (CSO) and Dr Kamil Sokolowski (CTO). A capital-light business model, its strategy is to retrofit existing flow battery systems.

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鈥淓nergy storage doesn鈥檛 have to be dependent on the price or availability of metals. Our approach will replace that dependency with something globally available, sustainable, and scalable,鈥� said Dr Fyfe.聽

鈥淭his investment enables us to move development to the point at which pilot projects will demonstrate how British innovation can deliver global solutions.

鈥淜odiaq鈥檚 business model combines deep scientific expertise with a clear commercial pathway. In a market increasingly shaped by geopolitical and material constraints, our metal-free chemistry represents both a competitive edge and a strategic opportunity.鈥�

The funds will be used to accelerate development with a view to raising a substantial funding round in mid-2026 which will be used to establish scaled-up demonstration projects in several global markets, it added.

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After Versarien served a notice of intention to appoint Leonard Curtis as administrators last week, fellow listed firm Time To ACT confirmed that it was in talks.

Time to ACT had agreed a provisional 拢200,000 takeover deal in October which would have seen it take on responsibility for an Innovate UK loan of 拢5.7 million. However that deal fell through.

Trading in Versarien’s shares has been suspended, while non-executive directors Sir Iain Gray CBE, Diane Savory OBE and Susan Bowen resigned.

Now Time To ACT says聽Chris Heminway, currently executive chairman, has assumed the combined role of CEO and chief strategy officer with immediate effect.

Jeremy Earnshaw, currently a non-executive director, has become non-exec chair.

The firm said the revised structure will support good governance as well as its operational and strategic objectives.

“In transitioning into the management role… I can focus my time and commitment on working even more closely with my executive team colleagues Gary Wallace (CFO) and Jason Moody (COO) and implementing our strategy to increase scale in our chosen markets and building our portfolio of high-quality engineering assets,” said Heminway.

Time to ACT, based in Stockton-on-Tees, is an聽engineering-led group focused on technology for the energy transition supply chain.

It currently has two principal operating businesses. Diffusion Alloys supplies diffusion coatings – an intermetallic layer that protects metal components from degradation at high temperatures and in highly corrosive environments, such as those found in hydrogen and nuclear energy generation.

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GreenSpur is an intellectual property creator and generator designer that claims to have developed a credible solution for renewable energy applications to the ‘Rare Earth magnet problem’.

Magnets constructed using Rare Earth Elements (REEs) are fundamental components in electrical generators and electric vehicle motors which are critical to delivering the clean energy transition. However, there are substantial supply chain constraints and risks in the sourcing of REEs that are needed for these magnets.

GreenSpur says its generator design eliminates the need for Rare Earth magnets and copper coils without any loss in electrical performance.

Earnshaw added: “Since I joined the Time To ACT plc Board earlier in 2025, I have been extremely impressed by the commitment of all of my colleagues throughout the organisation to delivering upon our strategy.

“Equally, I have observed first-hand how committed the board is to upholding high standards of corporate governance, and to ensuring continuing proactive engagement with all shareholders.

“Time To ACT plc has a real opportunity to embed strategy, expertise and hands-on support into the businesses shaping our clean energy future, and I am committed to working with all of our investors and shareholders to deliver on our objectives.”

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