£20m Williams fund to turbocharge small firms
THE Williams motor racing group has launched an Enterprise Investment Scheme fund that aims to raise £20million for investment in ten or more small firms.
The fund has been launched in collaboration with Foresight Group, an infrastructure and private equity investment firm.
The companies will benefit from the technological expertise of the Williams Advanced Engineering team. Managing director Craig Wilson said: ‘Williams has been at the forefront of technological innovations for 40 years, and with Williams Advanced Engineering we are now commercialising what we have learnt across a range of sectors.
‘We will use our Formula One platform and expertise to assist those portfolio companies with disruptive technologies selected by Foresight, to help them transform their industries.’
It is not the first time Williams has incubated innovative technologies. Williams Hybrid Power, which was sold to engineering giant GKN in March 2014, focused on the commercialisation of a flywheel energy storage system that was originally developed for the Williams 2009 Formula One car.
The technology was first validated in motorsport by Porsche in its GT3R endurance racing car, and by Audi Sport which used the technology in its 2012, 2013 and 2014 Le Mans winning car.
The technology has been tested in public transport applications where, for example, it can save fuel and greenhouse gas emissions by up to 30 per cent in a city bus.
Foresight chairman Bernard Fairman said the launch follows 18 months of ‘in depth discussions and planning’. The group has been fundraising for and investing in UK small firms for more than 30 years.