The chairman of a company that analyses the quality of oil in engines and generators used in ships, trains and trucks hailed British ingenuity ahead of its stock market debut today.
Tan Delta Systems was formed in a garage in Sheffield ten years ago when two engineers turned their idea of real-time oil analysis into a reality.
‘Ours is a story of “British brains, British capital”, which is why we are listing in London,’ chairman Simon Tucker said.
‘We’re seeing a lot of demand from institutions who have been looking for, perhaps with a little bit more scrutiny these days, a good quality investment.’
Tucker and several other investors backed the two engineers more than six years ago.
Real-time checks: Tan Delta Systems sensors analyse the quality of oil in engines and generators used in ships, trains and trucks
Shell last year signed a £1million deal with the group for its sensors, which analyse oil in engines and generators to find out when it requires changing, and any hidden issues with equipment that may need maintenance before they break down.
‘Previously what you had to do is take a sample, send it to some lab somewhere and wait two weeks until it would come back,’ Tucker said.
‘The sensor is solving a material problem – it is like a blood test but in real-time.
‘What we found is that most people are changing their oil with 30 per cent of its life left.
‘When you go along to a generator operator, they’re consuming $20,000 (£15,680)a year of oil plus spending $20,000 a year on maintenance. You can cut that by a third for a £1,000 investment – it’s a no-brainer.’
Tan Delta Systems is poised to list on the AIM today with a value of £19million.
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