Technology group Revolymer wins funding award

14th Apr 2014 14:45

British technology group Revolymer has won a 0.5m pound funding award from the UK's innovation agency to develop sustainable maritime fouling control coatings. The project will be run through a two-year collaboration between Revolymer, a paint products specialist, as well as both the University of Liverpool and Newcastle University.Rob Cridland, who is the group's acting Chief Executive Officer, said: "I am pleased that this project to develop new and improved fouling control coatings that use Revolymer's polymer technology was chosen by the Technology Strategy board to receive grant funding. "With demand for sustainable marine coatings expected to increase, this project represents an exciting new opportunity for Revolymer."The accumulation of marine organisms on the underwater areas of marine vessels and structures is a major cause of concern for the maritime industry. The increased energy consumption costs associated with marine fouling can run to billions of pounds every year.As of 14:36 the share price was unchanged at 52.3p.WS