UK-based Salford Valve Company Ltd (Salvalco) has announced its latest round of investment for £2.5 million.
The funds are being raised from a consortium of six companies including Beiersdorf, Foresight Williams Technology, AWI, Fin.Esse, Growthdeck and Green Angel Syndicate (GAS).
Salvalco, which was founded in 2013, is responsible for creating the eco-friendly aerosol technology, Eco-Valve.
The funds will be used to expand manufacturing capacity at Salvalco’s plant in Thailand. It will also be invested in R&D operations and to further develop the patent portfolio.
As global demand for aerosols continues to increase (with aerosol use forecast to rise 25 percent in the next four years), Salvalco anticipates that more consumer goods companies will switch to its eco-friendly valve.
“We are thrilled to have secured further funding from such a great consortium of companies. The collaboration will play an integral part in helping the next phase of our growth journey as we see the demand for Eco-Valve continue to rise. Moreover, the partnership also demonstrates a strong shared commitment to supporting the environment too. And it is by working together with all our stakeholders, we passionately believe we can not only support the aerosol industry but revolutionise it,” said Peter Shaw, managing director, Salvalco.
The valve uses environmentally friendly nitrogen as its propellant rather than butane, which is a contributor toward global warming.
Salvalco said: “Eco-Valve enables reduction in carbon footprint and the use of harmful pollutants, whilst still offering unbeatable spray performance. Last year, NIVEA developed its first deodorant range with the Eco-Valve: NIVEA ECODEO.”