REG - IP Group PLC - Portfolio co First Light completes $45m fund raise

IPAnnouncement

14/02/2022 07:00

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RNS Number : 5012B  IP Group PLC  14 February 2022

 FOR RELEASE ON  14 February 2022

 

 

IP Group plc - Portfolio company First Light Fusion
completes $45m (£33m*) fund raise

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of
intellectual property-based businesses, notes that portfolio company First
Light Fusion Ltd, a global leader in researching energy generation via
inertial fusion, has completed its Series C fund raise, raising $45m (£33m*)
from both existing and new investors.

 

As announced on 29 November 2021, IP Group committed £5m to the funding round
and, following completion, has an undiluted beneficial holding of 27.4%. IP
Group has recorded a net unrealised fair value gain of £27.2m** or 3p per
share.

 

The round was also supported by existing investors Oxford Science Enterprises
(formerly OSI) and Hostplus as well as new investors Braavos Capital and
Tencent.

 

First Light's approach to fusion, which is safe, clean, and a virtually
limitless source of energy, has the potential to transform the world's energy
system. Unlike existing nuclear, there is no long-lived waste, no meltdown
risk, and raw materials can be found in abundance. Unlike many other fusion
approaches, First Light's power plant will largely leverage existing
technology and materials.

The new funding will be used to accelerate the development of First Light's
"gain" experiment, whereby the amount of energy generated outstrips that used
to spark the reaction, and to perform further design and engineering work on a
'first of a kind' commercial fusion energy power plant based on its
technology.

 

*GBP equivalent using 1.36 USD/GBP

**Fair value gains are quoted net of the Group's long-term incentive carry
scheme ('LTICS').

 

 

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) 7967 312125
 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/) .

 

ENDS

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