A manufacturer of heat resistant materials used to replace heavy metal parts in a wide range of applications has secured £1.8 million in new funding.

Dudley-based CFP Composites will use the capital to bring its next-generation of carbon fibre panels to market which can be used in a wide range of fields.

The company said it had developed a time- and cost-efficient automated process which produced zero waste and provided a 50 per cent reduction in costs compared to current processes.

This new funding round will help it target sales and marketing activity across the aeronautical, rail and energy sectors.

Birmingham-based venture capital firm Midven has committed a £750,000 investment from the Midlands Engine Investment Fund with a further £1 million from private investor network Growthdeck.

CFP Composites' managing director Simon Price said: "We are excited and privileged to have received this investment from both Midven and Growthdeck.

"This will have a vast impact on the business, allowing us to both expand in employee size and give us continuing capacity to create ground-breaking products."

Midven director Surjit Kooner added: "We believe CFP is a true Midlands engineering success story and Midven is excited to support them in its growth.

"The company has developed an innovative range of carbon fibre products based on a revolutionary production process.

"CFP's lightweight materials combined with fire resistance capabilities offers customers a significantly improved performance at substantially lower lifetime costs."

The Midlands Engine Investment Fund invests sums ranging from £25,000 to £2 million into SMEs and is operated British Business Bank.

Ken Cooper, managing director at the British Business Bank, added: "Using this equity investment from the Midlands Engine Investment Fund, CFP will be able to access valuable market opportunities, showcasing British products on an international stage.

"Supporting businesses and helping them grow, resulting in a positive impact on the local and national economy, is a key part of the MEIF's remit."