GreenBank Capital (CSE:GBC) Inc told investors that its portfolio company CodiKoat has beaten a very strong field to win a nationwide competition in the UK designed to find the best solutions to provide clean air in residential environments.
The company noted that CodiKoat was one of 49 companies that took part in a competition by Innovate UK, a non-departmental public body seeking to help solve the serious problem of nitrous oxide and sulphur dioxide gases as well as particulate matter.
Innovate UK considered this problem so important that they were offering up to £1 million to help bring the best technology quickly into commercialisation, Greenbank added.
READ: Greenbank portfolio company CodiKoat achieves outstanding trial results for its anti-viral coating product
“After a grueling selection process CodiKoat won the award and has been given an £883,218 (about C$1.5 million) grant,” Greenbank said in a statement.
“During the process, CodiKoat identified one of the UK's largest 250 public companies as the best company with which to commercialise the CodiKoat clean air technology. Discussions between the two companies have commenced with a view to finalising a detailed MOU (memorandum of understanding).”
GreenBank also announced that CodiKoat has appointed Philip Green as its chief financial officer (CFO). Green is the former Amazon CFO for the Europe, Middle East, and Africa regions. He was also group CFO for Deliveroo, helping to scale the online food delivery company from start-up to successful global business.
"These developments demonstrate that CodiKoat is moving significantly closer to commercialising its intuitive and world-leading technology and we congratulate the CodiKoat team on the rapid progress being made,” GreenBank CEO Terry Pullen concluded.
CodiKoat is a Cambridge, UK-based biotech company developing ground-breaking antiviral technology. Born in response to the coronavirus pandemic, CodiKoat has developed a team of industry-leading scientific and business minds to help bring their potentially life-saving technology to the world.
CodiKoat's technology works by using surface-functionalized nanostructures to inactivate viruses within seconds of contact. It also has the same effect on bacteria and fungi.
GreenBank is a next-generation merchant banking business with offices in Toronto, Dallas, New York, and London.
Contact the author at stephen.gunnion@proactiveinvestors.com