Dragonfly aims for new heights with investment
NORTHUMBERLAND manufacturer Dragonfly Insulation has raised £935,000 to scale up its innovative aerogel technology.
Prudhoe-based Dragonfly, which span out of Newcastle University four years ago, is an advanced materials maker known for its aerogels – a product used in a range of sectors including energy, process industries, construction, marine and air applications, EVs and future fuels. They keep temperatures stable in extreme environments, and also have nonflammable qualities that enable structures to repel water.
The full potential of aerogels has yet to be realised as the conventional manufacturing process is slow, energy intensive, inflexible and limits product forms. However, Dragonfly Insulation has created a method of manufacturing silica aerogels that reduces production costs and carbon emissions.
It says its aerogel has excellent thermal and fire resistant properties, and it can be produced in a variety of forms, including panels, granules and powders. Unlike other manufacturers, Dragonfly can also produce bespoke formats for specific uses.
The company is set to ramp up its works after securing £935,000 in an investment round led by the North East Innovation Fund, managed by Northstar Ventures, alongside angel investors and £300,000 of grant funding from Innovate UK’s Future Economy Investor Partnership programme.
The company will use the investment to scale up production capacity, grow its team and move from its Northumberland site to a bigger base. John Baines, executive chair of Dragonfly, said: “We are delighted to have secured this crucial round of investment led by Northstar Ventures... As the sole UK manufacturer of silica aerogels, this investment together with the Innovate UK Grant, is key to significantly scaling our production capability. It is a vote of confidence in our vision to become the leading provider of next-generation silica aerogel materials in the UK, Europe, and globally through manufacturing, licensing and joint venture opportunities.
“The need for more efficient and safer materials to support the drive to net zero has never been more acute. We firmly believe Dragonfly has a key role to play as we ... address the challenge of climate change, adhering and surpassing stricter environmental regulations and meeting the increasing demand for eco-friendly processes and products.”
Tom O’Neill, investment manager at Northstar Ventures, said: “[Dragonfly] have developed a highly innovative and carbon-efficient method of producing aerogels in a wide range of forms, with applications across many high-value sectors. We’re excited to join them in the next stage of their development.”