Michelin Development’s loans fund has passed the £4 million mark with a loan to a company involved in supplying the oil exploration market.
A £10,000 loan to Staffordshire-based Compact Science Systems – whose technical director Dennis Leigh developed part of the technology for the Beagle 2 Mars Lander – has seen the Michelin Development loans fund go past the £4 million mark, with 160 approved loans given in total. The cash from Michelin Development has been channelled into developing Compact Science Systems portable spectrometer equipment – the only instrument of its type in the world.
The mass spectrometer is used to explore for oil and gas fields by measuring the isotopes of carbon in the gases produced from exploratory bore holes.
James Leigh, managing director of Compact Science, said: “The Michelin Development loans fund is really important to a company like ours.
“Although we are considered to be an important company for the future in terms of the innovative, groundbreaking technology we are involved in developing, the support from the traditional lenders does not reflect this.
“There is no consistent investment from the banks or the government in a high tech business such as ours and that is why Michelin Development’s readiness to approve funding is so crucial in being able to take our ideas forward and compete in the sectors we are involved with.”