Creo Medical: COVID-19 Cool Plasma Sterilisation Technology
What is the project about?
The CCR investment money is to support the development of cool plasma sterilisation and decontamination technology at Creo Medical. The basic technical capability is proven, and now requires investment to continue the product development in order to launch new products to the market that can kill bacteria and viruses. The technology is strongly patented with the IP being owned by Creo Medical. Initial testing on COVID-19 has obtained a kill rate of 99.9%.
Specifically, the funding of £2.05million will be used for the first phase of the project which is for the deployment of a dedicated team to rapidly develop and manufacture a range of Covid-19 related units to critical care providers for the decontamination of objects, people and spaces, including PPE and hospital equipment and surfaces.
Creo Medical will establish a wholly owned subsidiary company to run the project. It is planned that the subsidiary company will grow over a five year period to employee c.100 employees (similar to the current employment levels of the Creo Medical parent company).
Investment and leverage
Expected benefits and outcomes
- Supporting a regional business to fight the COVID-19 pandemic.
- Private sector leverage with expansion of core facilities at Creo Medical.
- Growth in turnover and employment in the Creo Medical Group. The aim is to create 30 jobs by December 2020, with the potential of an additional 70 jobs within Creo on ramp up 2021 onwards. In addition, there will be job creation within the supply chain, the bulk of which is within the region.
- Increased expenditure on business R&D within the region.
- Creo is a large corporate organisation and this proposal could bring considerable additional GVA to the region by December 2023 once fully operational. The proposal will support global exports; develop a highly skilled labour force; and develop a local and national supply chain.
- The project will deliver the required return on investment within a 5 year window.
- Enhancement of local innovation ecosystems with closer links fostered with HEIs in the ongoing product optimisation.
Phased Delivery Plan
- Project set-up & mobilisation – up to December 2020
- Initial growth in jobs (30) by June 2021
- Ramp up and roll out of technology to key customers in line with Creo sales plan