RCS - Frontier IP Group - Pulsiv Solar raises £890,000

Frontier IPAnnouncement

22/02/2021 07:00

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RNS Number : 8059P  Frontier IP Group plc  22 February 2021

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                                            neil@frontierip.co.uk

 Andrew Johnson, Communications & Investor Relations                    M: 07464 546 025

 Company website: www.frontierip.co.uk (http://www.frontierip.co.uk/)
 Allenby Capital Limited (Nominated Adviser)                            T: 0203 328 5656

 Nick Athanas / George Payne

 

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.

http://www.plymouth.ac.uk (http://www.plymouth.ac.uk)

* Research Fortnight Research Power League Table 2014.

 

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