Portfolio Company Fundraising - PulsiV Solar Ltd
AIM: FIPP
27 October 2015
Frontier IP Group Plc
("Frontier IP" or the "Group")
Uplift in Frontier IP's portfolio valuation following completion of PulsiV fundraising
Frontier IP, which specialises in the commercialisation of intellectual property, is pleased to announce a significant uplift in the value of its portfolio company PulsiV Solar Ltd ("PulsiV Solar"), following the successful completion of PulsiV Solar's first fundraising.
PulsiV Solar has received commitments totalling £0.5 million which will result in Frontier IP's holding in PulsiV Solar being revalued to show an uplift of over £0.87 million. The increase will be partially recognised in Frontier IP's financial statements for the year ended 30 June 2015, with the balance expected to be recognised in the Group's interim statements for the six months ending 31 December 2015. The fundraise values PulsiV Solar at £5 million with Frontier IP retaining an 18.9% holding in the issued share capital.
PulsiV Solar, which spun-out from Plymouth University, has developed new technology which significantly improves the energy efficiency of photovoltaic solar panels. It does this by maximising the energy generated by the system's inverters, which convert the energy harvested for supply to the grid. The global solar inverter market is forecast to be valued at approximately $7 billion in 2015, according to GTM Research. Results from PulsiV Solar's first prototype show a typical increase of up to 30% in energy generation when compared with conventional inverter technology. The technology can be integrated into new systems or retrofitted to existing solar panels.
This fundraising will allow PulsiV Solar to accelerate product development, enabling further prototyping and testing in preparation for the initial production of micro-inverters containing its technologies.
Dr. Mohamed Zaki Ahmed, Chief Technology Officer of PulsiV Solar, said:
"Frontier IP has played a key role in enabling us to successfully close our first fundraising. Frontier is also leveraging its relationships in the energy sector to open up further opportunities as we look to realise the commercial potential of PulsiV Solar's technology. We are delighted to have Frontier IP's active involvement in the commercialisation process and look forward to the next stage in our growth."
Neil Crabb, Chief Executive of Frontier IP, said:
"The technology being developed by our portfolio company PulsiV Solar, has the potential to drive significant gains in the energy efficiency of solar panels and other photovoltaic systems. We have been delighted to assist with the Company's first funding round and will continue to deploy our energy sector experience to take this ground-breaking technology to market."
Enquiries
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Frontier IP Group Plc |
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T: 0131 240 1251 |
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Neil Crabb, Chief Executive |
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Company website: www.frontierip.co.uk
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Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) |
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T: 020 7894 7000 |
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David Foreman, Catherine Leftley, Corporate Finance |
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David Banks, Corporate Broking |
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Peterhouse Corporate Finance Limited (Joint Broker) |
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T: 020 7469 0935 |
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Lucy Williams |
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Kreab |
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T: 020 7074 1800 |
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Robert Speed, Matthew Jervois |
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Notes to Editor:
About Frontier IP Group plc
Frontier IP specialises in assisting institutions and companies in the commercialisation and exploitation of their intellectual property. It establishes formal and informal relationships with sources of exploitable IP, principally universities. Its core business is building and growing a portfolio of equity stakes in spin-out companies by taking an active involvement in the commercialisation and funding of these businesses. Frontier IP currently has seventeen companies in its portfolio, which exploit IP from a range of institutions.
About PulsiV Solar Limited
PulsiV Solar was set up by Dr. Mohamed Zaki Ahmed, Plymouth University and Frontier IP Group PLC and develops a novel inverter technology to improve power take-off from photovoltaic solar panels. PulsiV Solar's technology aims to maximise the energy generated by solar inverters and is a potentially disruptive technology, capable of retro-fit. The PulsiV Solar team is based at Plymouth University, with key strategic and support functions being provided by Frontier IP Group plc.
Dr Mohammed Zaki Ahmed, Chief Technology Officer of PulsiV Solar, has led the development of this breakthrough technology and has a successful track record with other innovations, including train collision avoidance systems, which are now widely adopted across the world.
This information is provided by RNS
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