1 The EIC Accelerator Project
The EIC Accelerator program, part of the European Innovation Council (EIC), is a critical funding mechanism designed to support innovative startups and small to medium-sized enterprises (SMEs) within the European Union. It aims to foster the development of deep-tech innovations and high-risk projects that have the potential to make a significant impact on various industries. The program offers both grant funding and equity investments, enabling companies to scale their operations and secure additional funding from private investors.Funding Structure
The EIC Accelerator provides substantial financial support to qualifying projects through two main avenues: grants and equity investments.
Purpose and Role in the Ecosystem
The EIC Accelerator plays a pivotal role in the European deep-tech and startup ecosystem by acting as a bridge between innovative ideas and market realization. It empowers companies to navigate the challenges associated with bringing groundbreaking technologies to market, particularly in high-risk sectors where traditional funding sources may be hesitant to invest. By offering substantial financial backing, the EIC Accelerator helps startups gain the necessary traction to attract further investment from private sectors, fostering a robust environment for innovation and growth.
Case Study: Dura Composites Ltd and Project greengrp
Dura Composites Ltd, a UK-based company, was awarded funding under the EIC Accelerator for its project named greengrp. The project focuses on developing novel recycling methods for sustainable Glass Reinforced Plastic (GRP) composites in industrial applications. This innovative approach addresses significant environmental challenges associated with composite waste, which is often difficult to recycle using traditional methods.
Technology Background and Innovation
Dura Composites specializes in advanced composite materials, particularly GRP, which are known for their strength, lightweight properties, and corrosion resistance. However, the environmental impact of disposing of GRP has become a pressing concern, as these materials can take hundreds of years to decompose. The greengrp project aims to revolutionize the lifecycle of GRP composites by introducing a new recycling process that allows for the recovery of valuable materials and the reduction of waste.
The technology behind greengrp leverages advanced chemical processes to break down GRP composites into their constituent raw materials. This innovative solution not only minimizes environmental impact but also contributes to a circular economy by facilitating the reuse of raw materials in new composite production. The project aligns with global sustainability goals and addresses the urgent need for eco-friendly solutions in the composites industry.
Project Implementation and Impact
Funded solely through the EIC Accelerator grant, the greengrp project is poised to make significant advancements in the recycling of GRP composites. By streamlining the recycling process and making it economically viable, Dura Composites aims to lead the industry in sustainable practices. The successful implementation of this project will not only enhance the company’s competitive edge but also set a precedent for other firms in the sector to adopt environmentally responsible manufacturing processes.
In conclusion, the EIC Accelerator program serves as a vital resource for innovative companies like Dura Composites Ltd, facilitating the development and commercialization of groundbreaking technologies. By providing substantial funding and fostering an ecosystem conducive to innovation, the EIC Accelerator is instrumental in shaping the future of deep-tech in Europe.
2 The Funding Rounds
Dura Composites Ltd: EIC Accelerator Funding and Subsequent Financing Overview
Dura Composites Ltd, based in the United Kingdom, was among the select companies awarded funding from the European Innovation Council (EIC) Accelerator following its Step 2 proposal submission for the June 15, 2022 cut-off. The information below focuses on financing activities, funding rounds, investor details, company valuations, and exit events since receiving EIC support.
EIC Accelerator Funding Details
- Funding Round: EIC Accelerator (June 2022 cut-off)
- Timing: Application submitted by June 15, 2022; official selection results later that year.
- Amount Raised: While individual amounts per company are not specified in public summaries for this round, typical EIC Accelerator awards offer up to €2.5 million in grant funding plus up to €15 million in equity investment per company through blended finance schemes. Dura Composites was confirmed as a recipient.
- Financing Type: The majority of successful applicants requested blended finance (both grant and equity), but it is not publicly disclosed whether Dura Composites received grant-only or blended finance for this specific award.
- Investors/Source of Funds: Investment comes directly from the European Innovation Council Fund (backed by the European Commission), with no private institutional or venture capital investors involved at this stage.
Additional Capital Raising & Share Issues
A review of public filings for Dura Composites Limited at Companies House indicates:
- No record of significant new share allotments or major external fundraising events post-June 2022 has been publicly filed as of March 2023.
- As a private limited company with share capital incorporated since October 1996, any new equity rounds would typically be recorded via updates to Companies House within one month; such disclosures have not been flagged indicating substantial new private investment since receiving EIC funds.
Company Valuation
No explicit valuation figures are published regarding Dura Composites Ltd post-EIC funding. Financial data from March 2023 shows:
- Turnover/revenue: £20 million (+17% year-on-year)
- Operating profit: £2.3 million (+24%)
- Net assets: £9.1 million
Debt Financing & Mortgages
The company maintains several open charges/mortgages—secured loans against business assets—but there are no indications these relate directly to new equity investments or venture-style financing rounds post-EIC award.
Exit Events (IPO/Acquisition)
There is no evidence that Dura Composites Ltd has undergone any exit event such as an Initial Public Offering (IPO), acquisition/buyout by another entity, or secondary sale since securing its EIC award through May 2025. The firm remains privately held with operational control unchanged.
Awards and Strategic Milestones Post-Funding
While not direct financial events:
Summary Table — Key Post-EIC Funding Facts
| Item | Status Since June 15th Cut-off |
|---|---|
| Equity/Debt Rounds | No major external/private VC found |
| Grant/EU Investment | Up to €17.5m possible via EIC |
| Investors | Primarily EU/EI Fund |
| Company Valuation | Not publicly disclosed |
| IPO/Buyout Activity | None |
Sources
EIC Accelerator winners and statistics June 2022 - Strata.team EIC Accelerator Selected Companies - Official EC PDF European Innovation Council welcomes high-potential start-ups - Dec.19 press release Dura Composites Limited Profile – Pomanda Dura Composites receives King's Award – Aquaculture UK News EIC Accelerator - Lira Venture Funding Advisory3 The Press Releases
Dura Composites Ltd: Post-EIC Accelerator Funding UpdateDura Composites Ltd, a United Kingdom-based innovator in composite materials, was selected as an EIC Accelerator winner in June 2022 under the highly competitive program. While specific details of their EIC-funded project remain undisclosed in available public records, the company’s focus on sustainable composite solutions aligns with its prior innovations in modular infrastructure and recycling technologies.
Key Developments and Innovations:
- Queen’s Award for Enterprise (2020): Dura Composites received its second Queen’s Award for Innovation, recognizing its rapid-deployment composite train platform technology. The system reduces labor costs and installation times while offering a 60-year design life.
- Dura Operations Centre Expansion: The company inaugurated a state-of-the-art facility with expanded storage and production capacity, supported by Tendring District Council’s SME Growth Fund.
- Patented Solutions: Dura Platform includes patented modular designs for railway infrastructure, emphasizing durability and adaptability to future rail standards.
Though direct announcements about their EIC project or new partnerships post-June 2022 are not publicly documented on their website or third-party sources analyzed here, the company’s established expertise suggests ongoing advancements in sustainable composites. Their EIC Accelerator win likely supports scaling novel recycling technologies or expanding industrial applications of lightweight composites.
Sources
- EIC Accelerator winners and statistics June 2022 - Strata.team
- Dura Composites honoured with second Queen's Award for Enterprise
4 The Technology Advancements
Dura Composites Ltd: Post-2022 EIC Accelerator Funding AdvancementsSince securing EIC Accelerator funding in June 2022, Dura Composites Ltd has demonstrated continued innovation and market expansion through strategic partnerships, product advancements, and sustainability initiatives. While specific details of their EIC-funded projects are not publicly disclosed (as per the provided search results), recent developments highlight their progress in the following areas:
Technology Improvements & New Features
- Low-Carbon GFRP Products: In May 2024, Dura received the King’s Award for Enterprise in Innovation for its d² Dura Grating range, which reduces embodied carbon by up to 33% compared to traditional materials while maintaining structural performance.
- GRP Permanent Formwork Solutions: Through a July 2023 joint venture with Mekina Industries, Dura expanded its capabilities in glass fiber-reinforced polymer (GRP) permanent formwork systems like Mek-Dek panels. These lightweight solutions streamline bridge construction by enabling offsite manufacturing and reducing on-site labor risks.
- Recyclability Focus: The company emphasizes closed-loop recycling for its products, including walkway grating and structural profiles, reinforcing sustainability claims highlighted in their embodied carbon reports.
Market Demonstrations & Customer Deployments
- Infrastructure Projects: Dura’s GRP solutions are used at major UK sites such as Kings Cross Station and Isle of Wight Platform Stations. Their patented Dura Platform, a modular GRP train station system designed to reduce passenger accidents, remains a key offering.
- Collaborative Growth: The Mekina partnership enhances access to international markets for GRP formwork products.
Intellectual Property & Publications
- Patents: Dura retains multiple patents for its d² product line, including designs that optimize weight-to-strength ratios and recyclability. Specific post-2022 patents are not detailed publicly.
- Whitepapers & Reports: Published Embodied Carbon Reports quantify environmental benefits across their pultruded and moulded GRP products. No peer-reviewed scientific studies or clinical trials were identified from the available data.
Sources
Dura Composites Official Website | Joint Venture with Mekina Industries | King’s Award Announcement | NBS BIM Library Overview | Patents Portfolio
5 The Partnerships and Customers
Overview of Dura Composites Ltd
Dura Composites Ltd, a leading UK-based company specializing in composite products, has been actively expanding its partnerships and customer base since receiving EIC Accelerator funding in June 2022. The company is renowned for its innovative and sustainable composite solutions, which have earned it prestigious awards such as the Queen's Award for Enterprise.
Partnerships
Nature of New Relationships
These partnerships are strategic moves to expand Dura Composites' market reach and enhance its product offerings. The joint venture with Mekina Industries deepens the company's presence in the construction sector, particularly in GRP permanent formwork solutions. The partnership with The Invicta Group in the Middle East and Alfabs in Australia increases its global footprint by providing access to new markets.
Positioning in the Market
Dura Composites' new relationships position the company as a leader in sustainable and innovative composite solutions. By expanding its partnerships, it strengthens its ability to solve complex infrastructure challenges while enhancing its environmental credentials.
Technology Advancements and Scaling
The partnerships are expected to drive technology advancements by integrating expertise from diverse sectors. For instance, the collaboration with Mekina Industries will enhance the development of GRP products, contributing to faster and more sustainable construction practices. The partnerships also facilitate scaling, as they open up new markets and increase the company's capacity to deliver comprehensive solutions globally.
Conclusion
Dura Composites' strategic partnerships since receiving the EIC Accelerator funding demonstrate its commitment to innovation and market expansion. These alliances are crucial for advancing its technology offerings and scaling its operations across international markets.
Sources
- Dura Composites Partners with Mekina Industries
- About Dura Composites
- Dura Composites enters joint venture with GRP permanent formwork specialists, Mekina Industries
- Dura Composites enters joint venture with Mekina Industries
- Dura Composites appoints The Invicta Group as new GRP distributor in the Middle East
- Alfabs partners to offer Dura Composites to Australia
6 The Hiring and Company Growth
Overview of Dura Composites Ltd
Dura Composites Ltd, a UK-based company, has been at the forefront of designing, manufacturing, and supplying advanced composite products for various industries, including rail, marine, and industrial sectors. Since receiving the EIC Accelerator funding on June 15, 2022, the company has continued to expand its operations and innovate in the field of composite materials.
Current Headcount and Team Size
As of recent data, Dura Composites Ltd employs approximately 250 employees, although some sources suggest a slightly lower figure of 110 and 114 in different contexts. This discrepancy may reflect different reporting periods or specific divisions within the company.
Hiring and Team Growth
There is no specific information available on whether Dura Composites is currently hiring or details about recent key positions filled. However, the company's growth is evident from its expanding product lines and geographical reach, such as extending its d² product range to Australia and New Zealand.
Growth and Scaling
Dura Composites has shown significant growth, particularly in terms of product innovation and market expansion. The company's turnover increased by £1.98 million to £22.02 million as of June 2024, indicating a 10% rise. This growth is likely supported by new team members who bring diverse skills and expertise, enhancing the company's ability to scale and innovate further.
Future Prospects
New team members contribute to Dura Composites' future by driving innovation and expansion into new markets. Their expertise helps in developing sustainable products and solutions that reduce carbon footprint, such as the recyclable d² product range, which is crucial for the company's mission to provide greener alternatives in infrastructure projects.
Management and Founding Team Changes
There is no specific information available regarding major changes in the management or founding team at Dura Composites Ltd since receiving the EIC Accelerator funding.
Sources
- About Dura Composites
- Contact Dura Composites
- Dura Composites Limited - Company Profile
- Dura Composites (@duracomposites) on Instagram
- Dura Composites extends d2 heavy-duty walkway range availability
- Dura Composites Ltd - Metstrade
- Dura Composites Limited - UK Importer of Plastics and plastic products
7 The Media Features and Publications
Overview of Dura Composites Ltd
Dura Composites Ltd, based in the United Kingdom, is a renowned supplier of composite materials. Since receiving the EIC Accelerator funding in June 2022, the company has continued to innovate and expand its presence in various sectors.
Media Features and Publications
Dura Composites has been featured in several publications, including Composites World, which highlighted their achievement of the King's Award for Enterprise in the innovation category. This award recognized their low embodied carbon glass fiber-reinforced polymer (GFRP) walkway grating products, which offer up to 33% less embodied carbon and are fully recyclable. Additionally, the company has been mentioned in Marine Industry News for their bespoke GRP grating installations, such as at Conway Fishing Pier.
Content and Interviews
While specific podcasts or interviews featuring the team of Dura Composites are not readily available, the company's managing director, Stuart Burns, has shared insights on their sustainability-driven innovations and commitment to reducing carbon emissions through their products.
Conferences, Fairs, and Events
Dura Composites actively participates in industry events. For instance, they are involved in Rail Live 2024, where they showcase their d² range of fully recyclable and low embodied carbon GRP solutions for the rail sector. This includes walkway grating, trench covers, and structural profiles designed to enhance infrastructure resilience and sustainability. Additionally, they have collaborated with other companies to provide comprehensive solutions for energy and infrastructure customers.
Involvement in Events
The company's participation in events like Rail Live highlights their focus on greener infrastructure solutions. Their products, such as the d² Dura Grating, are designed to offer high performance, safety, and environmental benefits, making them a key player in sustainable infrastructure development.
Sources
- Dura Composites earns U.K. business award for low embodied ...
- Newsroom | Dura Composites Ltd.
- Rail Live 2024 | Building Resilient, Greener & Safer Infrastructure
- Dura Composites, Anderton Concrete provide single-source access ...
- d2 Dura Grating - GOV.UK
- Dura Composites enters joint venture with Mekina Industries
- Dura Composites appoints The Invicta Group as new GRP ...
- Composites Are on the Fast Track
- In Focus: Dura Composites provides bespoke colour for fishing pier
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