TIDMFIPP
Frontier IP Group plc
10 August 2020
RNS Reach
AIM: FIPP
10 August 2020
Frontier IP Group plc
("Frontier IP" or the "Group")
Portfolio news - UK Government Future Fund invests GBP250,000 in
Pulsiv Solar as part of GBP500,000 fund raising
Frontier IP, a specialist in commercialising intellectual
property, today notes the following announcement from portfolio
company Pulsiv Solar Limited ("Pulsiv" or the "Company") that it
has raised GBP500,000 via a convertible loan, including a
GBP250,000 investment from the UK Government's Future Fund.
The investment from the Future Fund, which was established to
support innovative businesses through the COVID-19 outbreak, has
been matched by the Group and the University of Plymouth Enterprise
Limited, the University of Plymouth's commercial consultancy and
contract research arm. They have invested GBP50,000 and GBP200,000
respectively. Frontier IP holds an 18.9 per cent equity stake in
the Company.
The convertible loan forms part of broader plans for funding
Pulsiv, a University of Plymouth spin out. The Company recently
announced it was in discussions with investors to raise money
which, if completed, would be at a significant premium to the
current book value at which it is held by the Group. Discussions
continue and it is anticipated that any further funding will be in
the form of equity. The convertible loan announced today will not
affect the Group's book value of Pulsiv.
Frontier IP chief executive officer Neil Crabb said: "The Future
Fund was established to support the UK's most innovative businesses
through the coronavirus outbreak. Following the significant
commercial and technical progress recently made by Pulsiv, the
Government's support means we are in an even stronger position to
realise the full range of opportunities open to the Company's
technology."
Pulsiv Solar statement begins:
UK Government Future Fund invests GBP250,000 in Pulsiv Solar as
part of GBP500,000 fund raising
10 August 2020 Pulsiv Solar ("Pulsiv" or the "Company") today
announces that it has successfully raised GBP500,000 via a
convertible loan including GBP250,000 investment from the UK
Government's Future Fund, established to support innovative
businesses through the COVID-19 outbreak.
The Future Fund's investment has been matched by University of
Plymouth Enterprise Limited, the commercial consultancy and
contract arm of the University of Plymouth, and Frontier IP Group
plc ("Frontier IP" or the "Group"), a specialist in commercialising
intellectual property and a founding shareholder in Pulsiv. They
have invested GBP200,000 and GBP50,000 respectively.
The convertible loan forms part of broader plans for funding
Pulsiv, a University of Plymouth spin out. The Company recently
announced it was in discussions with investors to raise money and
it is anticipated that any further funding will be in the form of
equity.
The funding will allow Pulsiv to step up development of its
novel technology to improve the energy efficiency of power
conversion for use in a wide range of industrial applications.
Pulsiv has already announced that it has:
-- Started design work funded by a major multinational to
incorporate the technology into a new product line
-- Engaged in discussions with a number of other large
multinational companies about a wide range of further industrial
applications
-- Filed a further two priority patent applications on top of
the one filed late last year. The Company now has eight separate
patent families, five of which have progressed to grant, across all
major territories worldwide, reflecting the significant amount of
development undertaken and the strength of the intellectual
property position underpinning it.
The step change in industrial engagement follows the Company
successfully developing a series of demonstration products which
show the technology not only improves energy efficiency but has the
potential to reduce costs.
Robert Bosch Limited, part of Bosch, has been working with
Pulsiv to optimise the design of the Company's energy-efficient
solar microinverter prototype. When the prototype moves into
full-scale commercial production, it will allow Pulsiv to market
microinverters as "Engineered by Bosch".
Adrian Dawson, Director of University of Plymouth Enterprise
Limited (UoPEL), said: "Pulsiv is part of an exciting suite of
spinout companies transforming the world-leading research
undertaken at the University of Plymouth into commercially
available products that can have real-world benefits. This latest
success is a further demonstration that governments and industry
are recognising its potential, and UoPEL is delighted to support
its continued growth."
Fay Davies, Business Development Manager at Plymouth Science
Park, said: "We are delighted that Future Fund investment has been
made to support the ground-breaking work of Pulsiv Solar Limited.
Sustainability is a key driver of the South West's tech sector and
we look forward to supporting the commercialisation of this
innovative and important technology."
Pulsiv Solar technical director Dr Zaki Ahmed said: "This
funding will be invaluable in supporting our work to commercialise
our technology. Alongside the recent steps forward we have taken in
commercialising the technology, it gives us grounds to be very
optimistic about the future prospects for the Company"
Pulsiv Solar statement ends
ENQUIRIES
Frontier IP Group Plc T: 020 7332 2338
Neil Crabb, Chief Executive neil@frontierip.co.uk
Andrew Johnson, Communications & Investor M: 07464 546 025
Relations
Company website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser) T: 0203 328 5656
Nick Athanas / James Hornigold
ABout frontier IP
The Group's convertible loan to Pulsiv was made by Frontier IP
Management Limited, a wholly-owned subsidiary and an Appointed
Representative of Privium Fund Management (UK) Limited ("Privium")
which is authorised and regulated by the Financial Conduct
Authority ("FCA") in the United Kingdom.
Frontier IP unites science and commerce by identifying strong
intellectual property and accelerating its development through a
range of commercialisation services. A critical part of the Group's
work is involving relevant industry partners at an early stage of
development to ensure technology meets real world demands and
needs.
The Group looks to build and grow a portfolio of equity stakes
and licence income by taking an active involvement in spin-out
companies, including support for fund raising and collaboration
with relevant industry partners at an early stage of
development.
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END
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