Frontier IP Group PLC (LON:FIPP) said its portfolio firm, Pulsiv Solar Limited, has raised £500,000 via a convertible loan including a £250,000 investment from the UK government’s Future Fund.
The investment group said the money from the Future Fund, which has been set up to support innovative businesses through the coronavirus pandemic, has been matched by its own contribution of £50,000 and a £200,000 payment from the University of Plymouth’s commercial consultancy and contract research arm, University of Plymouth Enterprise Limited.
READ: Frontier IP raises £2.33mln through oversubscribed share placing
Frontier said the loans forms broader plans for funding Pulsiv, adding that the investee is also in discussions with investors to raise money which, if completed, will be at a “significant premium” to its book value of the investee company.
Pulsiv said in its own announcement that the funding will allow it to step up development of its technology which is designed to improve the energy efficiency of power conversion in a wide range of industrial applications.
"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", Frontier IP chief executive Neil Crabb said in a statement.
Shares in Frontier IP were steady at 72.5p in mid-morning trading on Monday.
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