The deal, which includes a mix of term loan and working capital facilities, will provide a funding boost as P2i continues to expand its global footprint, customer base and technology offering.
Ady Moores, Chief Financial Officer at P2i, said: “We are delighted that Clydesdale Bank has come on board with this innovative financing deal. We’ll be using the finance to further drive the expansion of our global business, which principally involves making valuable high-tech products, such as the latest smartphones, resistant to water damage.
“We’ve recently launched a subsidiary office in China and our nano-coating systems are now in client factories in five continents across 16 countries, including Argentina, America, Singapore and Australia. We’re also investing in ground-breaking new nano-coatings, which we believe will find a ready market in the ever-growing electronics sector.”
Clients including Motorola, Plantronics and Siemens are already benefiting from P2i’s liquid repellent technology, while ongoing investment into functional nano-coatings, such as antimicrobial and anti-scratch, ensures a diverse patent portfolio to support future growth.
The transaction was led by Sandra Hope, a Director of Clydesdale Bank’s Growth Finance team, which delivers financial support specifically aimed at high-growth, venture capital-backed businesses with strong intellectual property.
Sandra, said: “P2i’s success in commercialising its patent-protected liquid repellent technology, developed initially as part of a university research project, demonstrates what can be achieved by an innovative and far-sighted business model.
“The adoption of P2i’s technology in the mobile phone industry has proven its effectiveness and, with the market for smartphones and other consumer electronic items continuing to expand, the company has very significant growth potential for the coming years.
“P2i is an excellent addition to our expanding portfolio of intellectual property-rich businesses and the funding will provide an extra boost as it continues to grow.”
Since inception just over three years ago, Clydesdale Bank’s Growth Finance team has completed 15 deals and delivered funding support of more than £50 million to a range of technology companies throughout the United Kingdom.