RCS - Frontier IP Group - UK Gov Future Fund invests £250,000 in Pulsiv

Frontier IPAnnouncement

10/08/2020 07:00

For best results when printing this announcement, please click on link below:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20200810:nRSJ5323Va

RNS Number : 5323V  Frontier IP Group plc  10 August 2020

RNS Reach

AIM: FIPP

10 August 2020

 

Frontier IP Group plc

("Frontier IP" or the "Group")

 

 

Portfolio news - UK Government Future Fund invests £250,000 in Pulsiv Solar
as part of £500,000 fund raising

 

Frontier IP, a specialist in commercialising intellectual property, today
notes the following announcement from portfolio company Pulsiv Solar Limited
("Pulsiv" or the "Company") that it has raised £500,000 via a convertible
loan, including a £250,000 investment from the UK Government's Future Fund.

 

The investment from the Future Fund, which was established to support
innovative businesses through the COVID-19 outbreak, has been matched by the
Group and the University of Plymouth Enterprise Limited, the University of
Plymouth's commercial consultancy and contract research arm. They have
invested £50,000 and £200,000 respectively. Frontier IP holds an 18.9 per
cent equity stake in the Company.

 

The convertible loan forms part of broader plans for funding Pulsiv, a
University of Plymouth spin out. The Company recently announced it was in
discussions with investors to raise money which, if completed, would be at a
significant premium to the current book value at which it is held by the
Group. Discussions continue and it is anticipated that any further funding
will be in the form of equity. The convertible loan announced today will not
affect the Group's book value of Pulsiv.

 

Frontier IP chief executive officer Neil Crabb said: "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."

 

Pulsiv Solar statement begins:

 

 

UK Government Future Fund invests £250,000 in Pulsiv Solar as part of
£500,000 fund raising

 

 

10 August 2020 Pulsiv Solar ("Pulsiv" or the "Company") today announces that
it has successfully raised £500,000 via a convertible loan including
£250,000 investment from the UK Government's Future Fund, established to
support innovative businesses through the COVID-19 outbreak.

 

The Future Fund's investment has been matched by University of Plymouth
Enterprise Limited, the commercial consultancy and contract arm of the
University of Plymouth, and Frontier IP  Group plc ("Frontier IP" or the
"Group"),  a specialist in commercialising intellectual property and a
founding shareholder in Pulsiv. They have invested £200,000 and £50,000
respectively.

 

The convertible loan forms part of broader plans for funding Pulsiv, a
University of Plymouth spin out. The Company recently announced it was in
discussions with investors to raise money and it is anticipated that any
further funding will be in the form of equity.

 

The funding will allow Pulsiv to step up development of its novel technology
to improve the energy efficiency of power conversion for use in a wide range
of industrial applications.

 

Pulsiv has already announced that it has:

 

·    Started design work funded by a major multinational to incorporate
the technology into a new product line

·    Engaged in discussions with a number of other large multinational
companies about a wide range of further industrial applications

·    Filed a further two priority patent applications on top of the one
filed late last year. The Company now has eight separate patent families, five
of  which have progressed to grant, across  all major territories worldwide,
reflecting the significant amount of development undertaken and the strength
of the intellectual property position underpinning it.

 

The step change in industrial engagement follows the Company successfully
developing a series of demonstration products which show the technology not
only improves energy efficiency but has the potential to reduce costs.

 

Robert Bosch Limited, part of Bosch, has been working with Pulsiv to optimise
the design of the Company's energy-efficient solar microinverter prototype.
When the prototype moves into full-scale commercial production, it will allow
Pulsiv to market microinverters as "Engineered by Bosch".

 

 

Adrian Dawson, Director of University of Plymouth Enterprise Limited (UoPEL),
said: "Pulsiv is part of an exciting suite of spinout companies transforming
the world-leading research undertaken at the University of Plymouth into
commercially available products that can have real-world benefits. This latest
success is a further demonstration that governments and industry are
recognising its potential, and UoPEL is delighted to support its continued
growth."

 

Fay Davies, Business Development Manager at Plymouth Science Park, said: "We
are delighted that Future Fund investment has been made to support the
ground-breaking work of Pulsiv Solar Limited. Sustainability is a key driver
of the South West's tech sector and we look forward to supporting
the commercialisation of this innovative and important technology."

 

Pulsiv Solar technical director Dr Zaki Ahmed said: "This funding will be
invaluable in supporting our work to commercialise our technology. Alongside
the recent steps forward we have taken in commercialising the technology, it
gives us grounds to be very optimistic about the future prospects for the
Company"

 

 

 

Pulsiv Solar statement ends

 

 

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 / James Hornigold

ABout frontier IP

The Group's convertible loan to Pulsiv was made by Frontier IP Management
Limited, a wholly-owned subsidiary and an Appointed Representative of Privium
Fund Management (UK) Limited ("Privium") which is authorised and regulated by
the Financial Conduct Authority ("FCA") in the United Kingdom.

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.

About RNS Reach announcements

This is an RNS Reach announcement. RNS 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 RNS Reach.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.   END  NRAKKOBNDBKDBFK