ASCOT, England, November 17 /PRNewswire/ -- Diamond Detectors Ltd, a subsidiary company set up by Element Six to manufacture innovative diamond detectors and sensors for radiation monitoring applications, today announces that BAE Systems is to take a 50% holding in Diamond Detectors Ltd, investing up to GBP2 million.
The second round investment will offer Diamond Detectors strategic support and a significant potential market for its production.
We welcome on board a strategic investor that has a requirement for the products under development at Diamond Detectors Ltd, says Brendon Grunewald, Head of E6 Ventures. This second round of funding will support the company as it moves into full product commercialisation.
Diamond Detectors Ltd was set up in 2007 with the aim of incorporating synthetic diamond made by chemical vapour deposition developed by Element Six into novel detectors for a range of markets. It is one of the first companies to be included in the growing investment portfolio of Element Six's venture capital fund, E6 Ventures.
The company is focusing on the development of customised detector solutions and will initially target four main markets: high energy physics, nuclear monitoring, radiotherapy dosimetry and deep-UV detection.
Diamond has long been recognised as a semiconductor material that can detect many types of radiation from UV and X-rays to particle detection. The ability to make diamond material of the size, quality and consistency required for advanced detection applications opens up significant new potential markets for novel detectors in a wide range of industries. It also enables designers to overcome the inherent problems associated with the selection of appropriate natural diamonds in existing detector applications where diamond is used.
Diamond Detectors Ltd offers a range of fully packaged polycrystalline and single crystal detectors and plates as well as custom design services. The initial products under development cover applications in high energy physics research such as the Large Hadron Collider (LHC) project at CERN, the new Facility for Antiproton and Ion Research (FAIR) under development at GSI in Germany as well as the Diamond Light Source, the largest UK funded scientific facility to be built for over 30 years.
Industrial applications include detectors for use in medical dosimetry, data logging in oil well exploration, UV applications such as photolithography and cleaning for semiconductor manufacturing. Diamond Detectors is already working closely with a number of industrial partners on the future commercialisation of these potential products, says Kevin Oliver, General Manager of Diamond Detectors Ltd.
About E6 Ventures
E6 Ventures is a US$100m fund operated by Element Six open to a broad range of investment opportunities across industry, provided they meet its investment criteria. The aim is to be recognised as an active investor in new applications, new markets, new technologies and new companies with investments that range from seed / early stage start-ups, to growth and late stage investments with the primary aim of bringing a strong return on investment.
About Element Six
Element Six is the world's leading supplier of supermaterials used throughout manufacturing industry for a wide range of applications. It is the frontrunner in the development of synthetic diamond and novel engineering materials that are being used in industrial applications that span, for example optical, mechanical, thermal, electronic, automotive, telecommunications and medical industries. With a turnover approaching US$500m and almost 4,000 employees, Element Six has established production and processing plants in China, Germany, Ireland, Sweden, South Africa, Ukraine and the UK, supported by a global distribution network.
About BAE Systems
BAE Systems is the premier global defence and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. With approximately 100,000 employees worldwide, BAE Systems' sales exceeded GBP15.7 billion (US$ $31.4 billion) in 2007.
Contact Christopher Ogilvie Thompson Element Six Ventures +44-7776-178690 +44-1344-638-229
Contact, Christopher Ogilvie Thompson, Element Six Ventures, +44-7776-178690, +44-1344-638-229