Frontier IP Group PLC (LON:FIPP) said its 18.8% stake in Pulsiv Solar is now valued at £4.1mln following the latter’s latest equity fundraising.
Frontier’s stake in Pulsiv was valued at £3.6mln in its most recent annual reports (to the end of June).
Pulsiv, a spin-out from the University of Plymouth, has technology that harvests energy from solar panels using a pulsed-energy extraction technique.
It has raised £890,000 in new money through an equity fundraising to accelerate the development and scale-up of its technology to improve the energy efficiency of the power converters used in a wide range of everyday products.
Pulsiv alsoconverted £665,000 of existing debt plus accrued interest into equity. This includes £500,000 of convertible loans, including £50,000 from Frontier IP.
Based on the values used in the fundraising and debt conversion, the whole of Pulsiv is valued at £21.8mln.
“Our novel technology is now gaining significant industry interest and the funding will allow us to accelerate development to meet that interest,” said Zaki Ahmed, the technical director of Pulsiv.
Neil Crabb, the chief executive of the intellectual property (IP) commercialisation specialist, said Frontier is “very excited about the possibilities for Pulsiv”.
“The potential use of its technology in a very wide range of industrial applications and consumer products means we believe the company has a very bright future,” Crabb said.