International Innovative Technologies Ltd. (IIT) has attracted £2.5m. of growth funding from City of London-based private investors, as the company looks to further expand export sales.The money raised by IIT will be used for new business development activities and build on the global interest in its patented low energy fine grinding technology which converts hard materials and minerals into fine powders.As part of the expansion the company will also be adding 10 new jobs at its Team Valley operation with additional design engineering and manufacturing staff and new sales appointments.Chairman Tom Wilkinson said: “We’ve been very successful in securing initial sales to many customers in Europe, the USA and beyond.These orders have validated our technology and proven its successful application in a range of materials processing and glass recycling applications.
“The new funding is a considerable vote of confidence in the business and will enable us to respond to the growing worldwide interest in our technology.”
As well as supplying UK customers in GRP and bulk chemicals, IIT has also secured over £1m. of export sales to India, Lithuania, Portugal and the USA.
The company recently appointed a specialist milling equipment distributor in North America and is making similar arrangements to serve minerals processing industries in South Africa, India and Australia.
Also, in a special link up with Proctor & Gamble’s Newcastle Innovation Centre, IIT now has access to advanced powder and particle characterisation laboratory facilities for in-depth analytical work. In return, P&G will utilise IIT’s full scale fine grinding facility in Team Valley for specialist powder materials R&D work.
(Left to Right) George Ord, IIT managing director, and Tom Wilkinson, IIT chairman at the company’s Gateshead manufacturing plant.
Tom Wilkinson chairman of IIT, said: “We are indebted to P&G for making this world class materials testing facility available to us.
“Alongside the expansion of our sales and marketing activities, access to this specialist technology will give us a significant technical advantage in our marketplace.”