Dymag is now expanding its technology and product range to re-enter the lucrative car wheel aftermarket and OEM market with a newly developed range of carbon composite car and motorcycle wheels.
Dymag has also been awarded £7.1 million funding from the government’sAdvanced Manufacturing Supply Chain Initiative (AMSCI), which will rapidly accelerate the company’s product development programme. Manufacturing process cycle times will be significantly reduced enabling cost effective, high volume production of carbon composite wheels for the first time.
Boundary Capital led the EIS-qualifying investment alongside other experienced investors.
Carbon composite wheels provide a typical 30% to 50% weight saving against conventional aluminium wheels, dramatically enhancing vehicle handling, ride performance and improving fuel efficiency. The company is in discussions with several leading high-performance and premium car brands seeking to enhance their offerings to their more discerning and demanding customers.
The founder and CEO of Dymag, Chris Shelley commented: “This funding will enable us to bring previously low volume niche ultra-luxury performance products to a much wider market. Our initial target market is the high performance and racing car aftermarket. However, the bigger prize is to supply vehicle OEMs. Over the past 12 months several mainstream car and motorcycle manufacturers have announced intentions to adopt carbon composite wheels and there is a huge opportunity for Dymag to be one of the primary suppliers globally.”
Boundary Capital’s model is to appoint ‘Venturers’ to complement its investment. These are seasoned and experienced executives who can provide valuable support to portfolio companies.
Serial entrepreneur and newly appointed Venturer, Chris Brill, said: “This is an exciting opportunity to make a quantum leap in the composite manufacturing technology behind motorcycle and automotive wheels and establish Dymag as a leading global supplier in this rapidly growing market.“
Dr David Gee, Boundary Capital’s investor director, added: “Carbon composite wheels will become an essential element in enabling automotive OEMs to meet efficiency and performance targets and Dymag is well-placed to meet longer term pricing and volume challenges.”