Metalysis back from the brink
Posted on 16 Nov 2019 and read 1191 times
) is recruiting again and is set to receive up to £10 million to ramp up production of rare metal powders after being rescued from administration in July by Malta-based Power Resources Group (PRG) — an international mining, refining and smelting business.
According to a report in the Yorkshire Post, the new owner has also decided to make Metalysis’ base on the Advanced Manufacturing Park (AMP) its global headquarters and is rebranding all of its world-wide operations as Metalysis.
Founded in 2001, the Cambridge University spin-out received £92 million of investment after pioneering a fast, green and cheap method of making exotic powdered metals suitable for 3-D printing, but the company was placed in administration in June this year, with 47 people losing their jobs.
It was snapped up by PRG a month later for just $2.5 million.
Director Ray Power said he planned to pump millions into the firm and create up to 200 jobs over the next three years.
PRG mines at three sites in Rwanda for tantalum (used in mobile phones) and niobium (needed for high strength alloys).
It also has mines in Guinea Bissau and Cornwall, operations in Bolivia and Slovenia and an oxide refinery in Macedonia.
Before going into administration, Metalysis tried to make money from powdered metals, as well as shipping container-sized powder-producing ‘reactor’ units — consisting of a molten salt bath and electrodes — and licensing this technology.
The company was close to making money when it went under, Mr Power said. He added that it was five years ahead of its time and the 3-D printing industry had evolved; selling metal powders is now the firm’s focus.