Axiomlab, the Aim-listed regional technology fund, has taken a 40 per cent stake in Energetix, a new venture specialising in the development of renewable energy technology.

Energetix will focus on identifying and developing renewable and energy-efficient technologies such as fuel cells, micro-turbines, photo-voltaic cells and flywheels.  Energetix and Axiomlab will together provide start-ups with infrastructure, management and technical resources.

The new venture hopes to exploit opportunities for renewable energies arising out of concerns over climate change and new legislation following the Kyoto Climate Protocol in 199, which seeks to limit greenhouse gas emissions.

Axiomlab invested £625,000 in cash and debt finance.  Energetic Communications, the partner in the new venture has business operations and resources to Energetix.

Axiomlab said Energetix had in the past already successfully identified, secured and developed intellectual property from EA Technology and Manchester Innovation, a subsidiary of the University of Manchester.