TPi May 2017

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May 2017 TUBE PRODUCTS INTERNATIONAL 17
business & market news
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AND DISTRIBUTORS OF
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Custom made pipe
nipples made in house
Investment in reducing gas leakage
in utility networks
The Institution of Mechanical Engineers
has completed a new investment,
through its £2mn Stephenson Fund,
into Southampton, UK-based company
Utonomy, whose smart network
pressure management aims to reduce
leakage by up to 25 per cent.
This provides a significant financial
payback for gas network operators
as well as reducing greenhouse gas
emissions.
The institution’s investment was made
through the Stephenson Fund, launched
in 2015.
The fund, initially worth a total of £2mn,
is in line with the institution’s original
statement of purpose set out by founder
George Stephenson in 1847 to “give an
impulse to invention likely to be useful
to the world.”
Announcing the investment, Stephen
Tetlow MBE, chief executive of the
Institution of Mechanical Engineers,
said, “The technology Utonomy has
developed has the potential not only to
cut losses to gas network operators but
also substantially reduce greenhouse
gas emissions. We feel privileged to be
able to support Utonomy through this
fund, which aims to help companies
overcome the hurdle between research
and development and bringing a product
to market.
“Apart from the monetary support we
are providing, this will also connect
Utonomy to the vast resources and
network of the institution and its
membership.”
Utonomy CEO Adam Kingdon said,
“We are delighted to receive investment
through the Stephenson Fund. This
will enable us to complete the product
development and certification of our
innovative solution for reducing methane
emissions.
“We are very fortunate to have the
Institution of Mechanical Engineers as a
shareholder and look forward to working
with them as we grow Utonomy into a
world leading company.”
The Stephenson Limited Liability
Partnership Fund is independently
managed by specialist venture capital
company Midven Ltd and aims to invest
in innovative companies engaged in
mechanical engineering over the next
few years.
Institution of Mechanical Engineers
– UK