KMO-Fleet to improve mining technologies for smaller companies
KMO-Fleet has received a £174,000 investment from the British Business Bank Fund. The project is an offshoot of the Camborne School of Mining at the University of Exeter and will develop new mining technologies. The funding was awarded as part of a general round of funding totalling £300,000. The lead investor was venture capital firm MyVAN.
KMO focuses on developing solutions for monitoring and optimising processes in the mining industry. The company has commercialised its research and provides effective tools to improve operational efficiency.
Its technology has attracted the interest of investors, including Business Bank. The fund supports projects in the South West region of the UK and provides loans to turn promising ideas into reality. Loan amounts can vary from £25,000 to £2 million, and the fund provides up to £5 million.
Relevance of the solution to the industry
KMO’s development is highly relevant during increasing efforts to meet climate change targets. Many companies have already begun the transition to carbon-neutral operations but have faced challenges:
1. Industry transformation implies the need to adopt new technologies.
2. It also involves the purchase of facilities and specialised equipment.
3. At the same time, it is important that businesses have sufficient resources for the transition period.
Only large companies can invest in technology. Smaller producers cannot finance innovation, even if it will improve future profitability. As a result, their competitiveness in the market diminishes dramatically, threatening to erode profits.
KMO-Fleet’s solution aims to support the transition to sustainability. The main benefit of its technology is its accessibility to small and medium-sized companies. The solution also aims to optimise fleet management in manufacturing companies.
KMO director Matthew Eyre said the technology allows small mines to operate on a par with industry giants. At the same time, companies can reduce their environmental impact without losing productivity. This way, KMO will help the industry accelerate the decarbonisation process. In addition, the company’s solution will make this process as smooth and painless as possible. This is extremely important for smaller companies.
Currently, the main limiting factor for various sectors is the high cost of sustainable technologies. KMO is bringing innovation to the mining sector, one of the largest producers of harmful emissions. The investment will allow the company to refine its approach and make the technology practical for more customers. Many industry representatives have already expressed interest in working with the developer. KMO plans to use some of the funds to expand its workforce and continue development in this area.
