The move comes just a month after one of its investors, Iluka Resources (AU:ILU), decided to write down the value of its investment in the company to zero. Iluka had previously valued its 27.8% stake in the company at A$30 million (US$23 million).

The South Yorkshire-headquartered technology company has raised £12 million (US$17 million) to fund "post-processing facilities", feedstock and provide working capital to support the rollout of Gen4.

The industrial-scale expansion project builds on Generations 1-3 of Metalysis' solid-state, electrochemical technology. It is capable of producing hundreds of tonnes of high value, speciality powder alloys - including titanium and aluminium alloys - used in additive manufacturing, aerospace, automotive and other high-value applications, according to Metalysis.

It does this via the Fray-Farthing-Chen process, a technology invented at Cambridge University that uses an electrolytic process to reduce metal oxides and ores into pure metal and alloys.

The backers of the raising include existing shareholders Woodford Investment Management, Draper Esprit, ETF Partners and Interogo Treasury.

Metalysis also welcomed Hercules Capital (US:HTGC) to the register, a company that has "pledged more than US$7 billion to high-growth, innovative venture capital-backed companies in life sciences, sustainable and renewable technology industries since its inception", Metalysis said.

Metalysis completed a £10 million expansion in 2017 involving the setup of Gen4 and the establishment of its materials discovery centre, opened in March last year.