Sheffield spin-out gains investment

Biohydrogen has received a convertible loan note worth £170,000 from Fusion IP to fund research in converting food to hydrogen, according to the Yorkshire Post.

The firm, a University of Sheffield spin-out, is investigating ways to create hydrogen on a commercial scale from sugar-based products such as glucose, cellulose and glycerol using genetically-modified bacteria.

David Baynes, Chief Executive of Fusion IP, told the newspaper: "Biohydrogen has made significant progress with its platform technology since we first invested in the company last year.

In addition to the funding from Fusion IP, Biohydrogen has benefit from a Yorkshire Forward research and development grant of £75,000.

Alex McWhirter, Assistant Director of Business at regional development agency, told the news provider that renewable energy technologies are a growth area in the region and he expects "further developments come out of this partnership".

Biohydrogen has made significant progress with its platform technology since we first invested in the company last year

David Baynes

Chief Executive

Fusion IP

Fusion IP, which supports companies turning academic developments into commercial opportunities, owns the rights to 100 per cent of the university-owned research from the University of Sheffield and Cardiff University.

Other spin-outs it invests in include Abcellute, which develops preservation techniques for transplants, and magnetic gearbox technology firm Magnomatics.