10 August 2020
Frontier IP Group plc
("Frontier IP" or the "Group")
Portfolio news - UK Government Future Fund invests £250,000 in Pulsiv Solar as part of £500,000 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 £500,000 via a convertible loan, including a £250,000 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 £50,000 and £200,000 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 £250,000 in Pulsiv Solar as part of £500,000 fund raising
10 August 2020 Pulsiv Solar ("Pulsiv" or the "Company") today announces that it has successfully raised £500,000 via a convertible loan including £250,000 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 £200,000 and £50,000 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
Frontier IP Group Plc
T: 020 7332 2338
Neil Crabb, Chief Executive
Andrew Johnson, Communications & Investor Relations
Company website: www.frontierip.co.uk
M: 07464 546 025
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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