TIDMFIPP
Frontier IP Group plc
10 November 2020
REACH
AIM: FIPP
10 November 2020
Frontier IP Group plc
("Frontier IP" or the "Group")
Portfolio news - Alusid gains GBP125,000 backing from UK
Government Future Fund as part of GBP250,000 fund raising
Frontier IP, a specialist in commercialising intellectual
property, today notes the following announcement from portfolio
company Alusid Limited ("Alusid" or the "Company") that it has
raised GBP250,000 via a convertible loan, including a GBP125,000
investment from the UK government's Future Fund.
The investment from the Future Fund, which was established to
support the UK's innovative businesses currently affected by
COVID-19, has been matched by GBP100,000 from the Group and
GBP25,000 from a private investor. Frontier IP holds a 35.6 per
cent equity stake in the Company.
The funding will be used to accelerate development and
commercial scale up of Alusid's patented technology to create
beautiful, premium-quality tiles and other surfaces from recycled
ceramic, glass and other industrial waste. Earlier this year, the
Company completed a successful pilot on industry-standard mass
production equipment, which will transform capacity from 4,000m(2)
a year to 1,000m(2) a day.
Alusid's customers include COS, part of H&M, and its tiles
are distributed by Parkside Architectural Tiles, the commercial arm
of retailer Topps Tiles plc.
Other clients include Pret-a-Manger, Harrods, Selfridges,
Nando's and Amazon UK, all of which have been secured by UK
distributor Panaz.
Frontier IP Chief Executive Officer, Neil Crabb, said: "This
investment from the Future Fund will be invaluable in supporting
Alusid's move into mass production. The scale up opens up new
markets for the Company and I am confident that the combination of
green technology and high-quality products will prove very
attractive to potential industry partners."
Alusid statement begins:
10 November 2020 Alusid Limited ("Alusid" or the "Company")
today announces it has successfully raised GBP250,000 via a
convertible loan, including a GBP125,000 investment from the UK
government's Future Fund, established to support innovative
businesses through the COVID-19 pandemic.
The Future Fund's investment has been matched by Frontier IP
Group, a specialist in commercialising intellectual property, and a
private investor. They have invested GBP100,000 and GBP25,000
respectively.
The convertible loan will be used to support the scale up of
Alusid's patented technology to create beautiful, premium-quality
tiles and other surfaces out of recycled ceramic, glass and other
industrial waste.
Alusid has been hand making tiles using a batch process at its
facility in Preston, where current capacity is 4,000m(2) a year.
However, earlier this year, the company successfully completed a
pilot run on industry standard mass production equipment. Once this
is running commercially, the Company will be able to make 1,000m(2)
tiles a day, a move opening up new markets.
Customers include COS, part of H&M, and a bespoke tile
range, Sequel Vibe, is also distributed by Parkside Architectural
Tiles, the commercial arm of Topps Tiles. Alusid has also supplied
Pret-a-Manger, Harrods, Selfridges, Nando's and Amazon UK, all of
which have been secured by distributor Panaz.
The Company has also won numerous industry awards. Sequel Vibe
was highly commended in the Best Product Design category at 2019's
Blueprint Awards and named Wall Tile of the Year at 2020's Tile
Association awards.
Alusid co-founder and Chief Executive Officer, Dr Alasdair
Bremner, said: "This investment, made possible by the Future Fund,
will enable Alusid to launch the world's first retail tile made
from 95 per cent recycled material in the New Year. Although we
expect disruption from the COVID-19 pandemic to continue, this
investment ensures we are in a strong position to deliver on our
ambitious plans."
Alusid statement ends
ENQUIRIES
Frontier IP Group Plc T: 020 7332 2338
Neil Crabb, Chief Executive neil@frontierip.co.uk
Andrew Johnson, Communications & Investor M: 07464 546 025
Relations
Company website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser) T: 0203 328 5656
Nick Athanas / James Hornigold
ABOUT THE FUTURE FUND
The Future Fund will support the UK's innovative businesses
currently affected by Covid-19. These businesses have been unable
to access other government business support programmes, such as
CBILS, because they are either pre-revenue or pre-profit and
typically rely on equity investment. Initially, GBP250 million was
made available by the government for investment through the scheme,
to be matched by private investors, with the Treasury making clear
the amount could be increased if needed. Due to the popularity of
the Fund, more funding is being made available. Developed by the
government and delivered by the British Business Bank, the Future
Fund launched for applications in May and is open until the end of
January 2021.
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.
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