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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 GBP890,000 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 GBP890,000 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 GBP665,000 of existing debt
plus accrued interest into equity. This includes GBP500,000 of
convertible loans (details of which were announced by Frontier IP
on 10 August 2020), comprising: GBP250,000 from the UK government's
Future Fund; GBP200,000 from the University of Plymouth Enterprise
Limited, the University of Plymouth's commercial consultancy and
contract research arm; and GBP50,000 from Frontier IP. The Group
also converted a further GBP165,000 convertible loan.
The fundraise and debt conversion values Pulsiv at GBP21.8
million, with Frontier IP's resulting 18.8 per cent equity stake
now worth GBP4.1 million. Frontier IP's previous equity stake was
valued at GBP3.6 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 M: 07464 546 025
Relations
Company website: 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
* Research Fortnight Research Power League Table 2014.
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