Pulsiv Solar raises £890,000
Reach - a non-regulatory announcement
AIM: FIPP
22 February 2021
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - Pulsiv Solar raises £890,000 to accelerate development of patented power conversion technology
Frontier IP, a specialist in commercialising intellectual property, today announces that portfolio company Pulsiv Solar ("Pulsiv" or the "Company") has raised £890,000 in new money through an equity fundraising to accelerate development and scale up of its novel technology to improve the energy efficiency of the power converters used in a wide range of everyday products.
The fundraising was supported by a combination of new and existing investors.
Pulsiv has also converted a total of £665,000 of existing debt plus accrued interest into equity. This includes £500,000 of convertible loans (details of which were announced by Frontier IP on 10 August 2020), comprising: £250,000 from the UK government's Future Fund; 200,000 from the University of Plymouth Enterprise Limited, the University of Plymouth's commercial consultancy and contract research arm; and £50,000 from Frontier IP. The Group also converted a further £165,000 convertible loan.
The fundraise and debt conversion values Pulsiv at £21.8 million, with Frontier IP's resulting 18.8 per cent equity stake now worth £4.1 million. Frontier IP's previous equity stake was valued at £3.6 million in its Annual Report and Accounts as at 30 June 2020.
The successful investment follows Pulsiv, a spin out from the University of Plymouth, achieving significant traction with industry for its technology. The Company has been working with a major multinational to incorporate its technology into a new consumer product line. It has also been working with Robert Bosch Limited to optimise design of an energy-efficient solar microinverter prototype to prepare it for mass manufacture.
Pulsiv's technology has very broad applicability because it improves the efficiency with which alternating current, AC, is converted into direct current, DC, and vice versa. Such power conversion is a ubiquitous requirement in electrical products. While electricity supply is AC, the electronics in most household goods operate using DC at a range of different voltages; conversely, in power generation, photovoltaic solar cells generate DC electricity which needs to be converted into AC to be exported onto the grid or used in the home.
Dr Zaki Ahmed, Technical Director of Pulsiv, said: "This is an important milestone for Pulsiv. Our novel technology is now gaining significant industry interest and the funding will allow us to accelerate development to meet that interest."
Neil Crabb, Frontier IP Chief Executive Officer, said: "We are 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."
ENQUIRIES
|
Frontier IP Group Plc |
T: 020 7332 2338 |
|
Neil Crabb, Chief Executive Andrew Johnson, Communications & Investor Relations Company website: www.frontierip.co.uk |
neil@frontierip.co.uk M: 07464 546 025 |
|
Allenby Capital Limited (Nominated Adviser) Nick Athanas / George Payne
|
T: 0203 328 5656
|
ABout frontier IP
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.
Frontier IP is the commercialisation partner for the University of Plymouth.
ABOUT THE UNIVERSITY OF PLYMOUTH
The University of Plymouth is renowned for high quality, internationally leading education, research and innovation.
With a mission to Advance Knowledge and Transform Lives, Plymouth is a *top 50 research university with clusters of world class research across a wide range of disciplines including marine science and engineering, medicine, cybersecurity and psychology. A three-time winner of the Queen's Anniversary Prize for Higher and Further Education, most recently in 2020 in respect of its pioneering research on microplastics pollution in the oceans and its impact on the environment and changing behaviour, the University continues to grow in stature and reputation.
It has a strong track record for teaching and learning excellence and has one of the highest numbers of National Teaching Fellows of any UK university. With over 19,000 students, and a further 9,500 studying for a Plymouth degree at partner institutions in the UK and around the world, and over 135,000 alumni pursuing their chosen careers globally, it has a growing global presence.
* Research Fortnight Research Power League Table 2014.
About Reach announcements
This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 7 hours ago Johnson Matthey
- 9 hours ago Galliford Try
- 9 hours ago Galliford Try
- 9 hours ago Centrica
- 10 hours ago Smith & Nephew