Molecular Products Group Limited (MPG), a developer and manufacturer of medical devices, gas filters and oxygen generators, received a £4m investment from Business Growth Fund.
In conjunction with the funding, BGF Senior Investment Manager, Mark Nunny, joined the board of Molecular Products Group.
The company intends to use the funds to grow in existing markets as well enter new geographies such as India and Japan and to deliver further innovations in its product lines.
Owned by Ian McKernan (CEO) and Andrew McKernan (Group Commercial Director), MPG operates manufacturing facilities in Harlow, Essex and in Boulder, Colorado and provides its chemical based technology to a a number of markets within the healthcare, military and industrial sectors. The company was also commissioned by NASA to design and build an emergency oxygen system for the International Space Station.
Molecular Products Group, which is currently generating revenues of c. £20m, is developing technologies including high performance activated carbons, which offer enhanced filtration and adsorption of harmful gases for use in military and industrial respirators; and a portable lightweight oxygen generator that delivers emergency medical grade, oxygen to the battlefield.
FinSMEs
02/10/2014