Business
Alusid - £125,000 backing from UK Future Fund
Alusid - £125,000 backing from UK Future Fund.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7394E\n Frontier IP Group plc\n 10 November 2020\n \n \n \n \n REACH \n \n \n AIM: FIPP\n \n \n 10 November 2020\n \n \n \n \n \n Frontier IP Group plc\n \n \n (\"Frontier IP\" or the \"Group\")\n \n \n \n \n \n \n \n \n Portfolio news - Alusid gains £125,000 backing from UK Government Future Fund as part of £250,000 fund raising\n \n \n \n \n \n \n \n \n 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 £250,000 via a convertible loan, including a £125,000 investment from the UK government's Future Fund. \n \n \n \n \n \n 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 £100,000 from the Group and £25,000 from a private investor. Frontier IP holds a 35.6 per cent equity stake in the Company. \n \n \n \n \n \n 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 4,000m2 a year to 1,000m2 a day. \n \n \n \n \n \n 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. \n \n \n \n \n \n Other clients include Pret-a-Manger, Harrods, Selfridges, Nando's and Amazon UK, all of which have been secured by UK distributor Panaz. \n \n \n \n \n \n \n Frontier IP Chief Executive Officer, Neil Crabb, said: \n \n \n \"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.\"\n \n \n \n \n \n \n \n \n \n \n \n \n Alusid statement begins: \n \n \n \n \n \n \n \n \n 10 November 2020 Alusid Limited (\"Alusid\" or the \"Company\") ...