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Diamond Microwave Devices Closes GBP1.3m Commercialisation Round

November 30, 2009

LEEDS, England, November 30 /PRNewswire/ — Diamond Microwave Devices
(DMD), a spin out from the diamond electronics team in Element Six
Technologies (E6), has closed a GBP1.3m equity investment from a consortium
consisting of Oxford Technology Management, YFM via the Partnership
Investment Fund, The ERA Foundation and two private investors.

During the course of 2009, DMD has made various performance breakthroughs
in its diamond-based transistor technology and this investment round will be
used to develop and build power amplifier modules for customer trialling
during 2010. The DMD diamond transistor technology will enable the move to
low cost, lightweight solid-state amplifiers in high power, high frequency
applications such as radar, communications, SATCOMS, and electronic warfare.

“This new investment signals the next step for DMD. It will allow the
company to progress with its plans to commercialise its ground-breaking
technology, says Brendon Grunewald, head of E6 Ventures.

“DMD has gathered an experienced and fast-moving team both inside the
company and outside with its choice of partners, to develop the product in
close concert with its first customer. DMD’s customers will get a step change
in performance per kg & per dollar – both important to deliver a clear
capability advantage. It has all the right ingredients of a high potential
venture,” notes David Denny, partner at lead investor Oxford Technology ECF.

Element Six is the world’s leading supplier of industrial Diamond
supermaterials. It is an international company with its head office
registered in Luxembourg and processing and manufacturing facilities in
Germany, Ireland, UK, Netherlands, Sweden, South Africa and China. Its
business encompasses four divisions: Oil & Gas, Advanced Materials, Hard
Materials and Technologies and the company manufactures Diamond using high
pressure high temperature (HPHT) synthesis and chemical vapour deposition
(CVD)

About the Consortium

Oxford Technology Management manages the GBP30m Oxford Technology
Enterprise Capital Fund (OTECF), a specialist fund in early stage technology
companies. Founded in 1983, Oxford Technology Management manages a series of
early stage technology funds and has a portfolio of over 80 such start up and
early stage companies in its portfolios.

YFM is the UK’s most active investor in small to medium enterprises with
a history that goes back to 1982. As a group YFM has over GBP300 million
under management across a number of funds. These funds have been backed by
The European Investment Fund, High Street Banks, large corporations, pension
funds, private individuals, and public sector bodies and the European, UK
Government and regional development agencies.

The ERA Foundation promotes innovation in electrotechnology to strengthen
the economic vitality of the UK. To this end, as well as seeking to raise the
profile of engineering and supporting young people at formative stages of
their careers, ERAF provides grants to projects at the early stages of
commercialisation and invests in young technology companies.

http://www.diamondmicrowavedevices.com

SOURCE Element Six Ltd


Source: newswire



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