The investment supports the further upscaling of Borit’s industrial capabilities built around its proprietary Hydrogate technology.
Geel (Belgium), January 22, 2015 – On December 30 2014, Borit NV (‘Borit’) closed a 7.5 million euros equity fundraising of which a first tranche of 4.8 million euros has been fully funded.
Borit supplies high precision, thin metal sheet components and subassemblies. Using its proprietary metal forming technology, Borit enables its customers to substantially speed-up and de-risk their new product development and make a flawless transition from prototyping into mass production. Inherent to this technology are also high design flexibility, product quality and cost competitiveness.
This capital round will enable the expansion of the production capacity to industrial levels and accelerate the commercial development with a strong focus on fuel cell and electrolyser markets. The round is subscribed by Borit’s main shareholder Finindus and a new investor, PMV Tina Fund.
Roald Borré, Co-Head of Venture Capital & Manager PMV-TINA, stated: “We’re excited to have the opportunity to invest in Borit. We join Finindus, an investor from the start along with the inventor of the technology and investor Dr. Dirk Bohmann, in supporting this emerging growth company with its innovative and unique hydroforming technology - named Hydrogate. We’re impressed with the progress that Borit has made to date and are convinced that the company with its technology will be instrumental in the further development of fuel cell applications as well as other applications requiring precision formed metal parts.
Dirk De Boever, Head of Investments at Finindus, stated: “We are pleased to welcome PMV TINA Fund on board. This operation brings in an investor who shares our commitment to the long term development of the company. It solidifies the foundations of Borit and enables the expansion of Borit’s manufacturing capacity and capabilities and its development as a global industrial partner for high precision, high quality components.”
Luc Wanten, CEO at Borit NV, stated: “Borit has realized an impressive growth since its last funding round, fuelled predominantly by many international customers active in fuel cells and electrolysers, but also reaching-out to an increasing diversified number of users of high-precision thin sheet forming. Our customers are attracted by our expanded offering which now also includes additional operations such as high-precision laser welding as a complement to our Hydrogate forming technology. The additional investment will allow us to further build our industrial production platform, expand our customer base and increase our market penetration. We are excited to partner with PMV-TINA as their experience and network supports our endeavor to establish a sustainable and innovative industrial company in Flanders.”
About Borit NV
Borit manufactures sheet metal products and assemblies using its proprietary hydroforming technology resulting in advanced product designs with high forming quality and precision.
Borit is a total solution provider for sheet metal products offering its customers flexibility and support through the complete product development cycle, including entry into large volume production.
Borit's products are used across the globe in fuel cells and electrolysers, thermal solutions (e.g. cooling solutions for EV battery packs), microreactors and lightweight structural parts.
Borit achieved the ISO 9001/TS 16949 certification as an expression of its continuous commitment to superior quality.
Borit started off as a spin-off company of OCAS NV and Borit Leichtbau-Technik GmbH and was established in 2010. (www.borit.be)
Finindus is a Belgian investment company backed by ArcelorMittal and the Flemish Region. Finindus invests in early stage and growth companies, with a specific focus on materials, material processing and sustainable manufacturing. (www.finindus.be)
About PMV and TINA fund
PMV NV is a Flemish investment company. It finances promising entrepreneurs from the very start through the growth to the internationalization of their business, and also invests in large infrastructure projects. It focuses on the sustainable economic development of Flanders, with demonstrable added value for both economy and society. (www.pmv.eu)
The Flemish economic landscape is changing rapidly. Revolutions in production techniques, ICT, globalization, ecology and energy require new, adapted industrial policy.
To maintain our competitive edge under these circumstances, the Flemish government and PMV have set up a unique investment fund: TINA. This is an acronym that refers to the much needed ‘Transformation, Innovation and Acceleration’ of Flanders’ industrial fabric.
TINA is a market-driven investment fund managed by PMV and activating 200 million euros in risk capital. This funding reinforces innovation, unlocks its strategic potential and accelerates its commercialization. To this end, PMV always works with market actors acting as consortium partners.
For further information:
Luc Wanten, CEO
+32 14 25 09 00