RCS - IP Group PLC - Portfolio company Bramble raises £35m

IPAnnouncement

14/02/2022 07:00

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RNS Number : 5064B  IP Group PLC  14 February 2022

 FOR RELEASE ON  14 February 2022

 

IP Group plc - Portfolio company Bramble raises £35 million

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of
intellectual property-based businesses, is pleased to announce that portfolio
company Bramble Energy Ltd ("Bramble" or "the Company"), a London-based fuel
cell company, has completed a £35 million Series B investment round to help
further expand its capabilities in solving key challenges in the production
and implementation of hydrogen fuel cell stacks.

 

IP Group committed approximately £10 million to the round. Following
completion, IP Group has an undiluted beneficial holding of 32.3% in Bramble,
valued at £20.7m, representing a net unrealised fair value gain to the Group
of approximately £6.6m.

 

Bramble, which was founded by Dr. Tom Mason in the research labs at Imperial
College of London and University College of London, has developed a unique,
patent protected, printed circuit board (PCB) fuel cell - the PCBFC™. The
innovation is that the PCBFC™ utilises existing and cost-effective
production methods and materials from the well-established PCB industry,
reducing cost and complexity in manufacturing hydrogen fuel cells.

The funds raised will enable Bramble to roll out its portable power products
globally as well as continue to develop its liquid cooled fuel cell stack
capability. Through this phase Bramble will deploy its disruptive fuel cell
stack technology in a variety of strategic commercial applications to enable
decarbonisation across a number of industries and sectors.

 

Jamie Vollbracht, Partner, Cleantech at IP Group plc, said: "Hydrogen, through
its green production from electrolysis or its use in fuel cells to provide
clean power, is critical for the transition to net zero. Bramble Energy brings
a fundamentally different approach to these technologies, unlocking the
deployment of hydrogen faster, more flexibly and at scale. We are delighted to
contribute substantially to this significant funding round which will take
Bramble to the next stage."

 

The round was led by HydrogenOne Capital Growth plc and supported by existing
shareholders including IP Group as well as funds managed by its subsidiary
Parkwalk Advisors, BGF and the UCL Technology Fund.

 

For more information, please contact:

 

 IP Group plc                                             www.ipgroupplc.com (http://www.ipgroupplc.com)
 Liz Vaughan-Adams, Communications                        +44 (0) 20 7444 0062/+44 (0) 7979 853802
 Charlotte Street Partners
 David Gaffney                                            +44 (0) 7854 609998
 Andrew Wilson                                            +44 (0) 7810 636995

 

Notes for editors

 

About IP Group

 

IP Group is a leading intellectual property commercialisation company which
focuses on evolving great ideas, mainly from its partner universities, into
world-changing businesses. The Group has pioneered a unique approach to
developing these ideas and the resulting businesses by providing access to
business building expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and
business support. IP Group has a strong track record of success and its
portfolio comprises holdings in early-stage to mature businesses across life
sciences and technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.

 

Group holdings in portfolio companies reflect the undiluted beneficial equity
interest excluding debt, unless otherwise explicitly stated.

 

For more information, please visit our website at www.ipgroupplc.com
(http://www.ipgroupplc.com/) .

 

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