Hanova Company has introduced Secure Air Systems, an enterprise investment scheme (EIS) that aims to raise between £6m and £10m to market technology designed to combat biological and chemical impurities in the air.
There are two different types of technology, which were both developed by scientists at the Cambridge Science Park. One type is designed to remove harmful biological and chemical elements from public places such as offices and underground train stations by using microwaves. This concept was originally developed as a defence against biological warfare, a topic that has been raised by the war in Iraq. Microwaves decompose chemical agents at a relatively low temperature and do not obstruct the air flow of ventilation systems.
Ted Doyle, a director of Secure Air Systems, says microwave defence systems can combat sick building syndrome. This is where air conditioning and cooling systems that are around 10 to 15 years old spread germs that lead to colds, flu and more serious illnesses such as Legionnaire's disease.
The other type of technology, called Biogreen, is designed to purify the air around the home and is a cheaper method of air purification. Biogreen is a chemical that produces a microscopic needle-like surface when it dries, which acts as an air filter by smashing chemical atoms.
This EIS could be of interest to sophisticated, speculative investors who may be looking for tax breaks and who believe the Air Unlimited's technology has commercial potential. The technology is already developed, which is in the EIS's favour, as investors do not face the risks associated with untried, undeveloped concepts that may or may not work in practice. However, returns for investors depend on its commercial success and this is unpredictable.