LONDON (ShareCast) - (ShareCast News) - Impression Technologies, the direct investment of national investment group Mercia Technologies, part of a leading consortium including Gestamp Washington UK, have secured £9.6m worth of funding, Mercia announced on Friday.
Known as RACEForm, the project would entail £4.8m in grant funding through the Advanced Propulsion Centre UK, with Impression receiving a significant proportion of the grant to further develop and validate its HFQ Technology, an advanced light-weighting approach for use in the global automotive industry.

It would be based in Coventry, one of Mercia's core investment regions, and was expected to commence in a matter of weeks.

Jonathan Watkins, ITL's chief executive said: "We are delighted that APC has chosen to back our HFQ Technology. We look forward to working with Gestamp and the other consortium members in collaboration with our OEM and aluminium partners to further develop HFQ® Technology for mass production and to establish the technology as a global industry standard."

Matt Mead, chief investment officer of Mercia Technologies PLC and board director at ITL said: "Under the leadership of Jonathan Watkins, the team at Impression Technologies has made considerable commercial progress during the last twelve months. The award of this grant funding, with a world class consortium, confirms the global opportunity for HFQ Technology, which we are confident will deliver significant shareholder value over the medium term".

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