Business
UK Gov Future Fund invests £250,000 in Pulsiv
UK Gov Future Fund invests £250,000 in Pulsiv.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5323V\n Frontier IP Group plc\n 10 August 2020\n \n \n \n \n RNS Reach\n \n \n AIM: FIPP\n \n \n 10 August 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 - UK Government Future Fund invests £250,000 in Pulsiv Solar as part of £500,000 fund raising\n \n \n \n \n \n Frontier IP, a specialist in commercialising intellectual property, today notes the following announcement from portfolio company Pulsiv Solar Limited (\"Pulsiv\" or the \"Company\") that it has raised £500,000 via a convertible loan, including a £250,000 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 innovative businesses through the COVID-19 outbreak, has been matched by the Group and the University of Plymouth Enterprise Limited, the University of Plymouth's commercial consultancy and contract research arm. They have invested £50,000 and £200,000 respectively. Frontier IP holds an 18.9 per cent equity stake in the Company.\n \n \n \n \n \n The convertible loan forms part of broader plans for funding Pulsiv, a University of Plymouth spin out. The Company recently announced it was in discussions with investors to raise money which, if completed, would be at a significant premium to the current book value at which it is held by the Group. Discussions continue and it is anticipated that any further funding will be in the form of equity. The convertible loan announced today will not affect the Group's book value of Pulsiv.\n \n \n \n \n \n \n Frontier IP chief executive officer Neil Crabb said:\n \n \n \"The Future Fund was established to support the UK's most innovative businesses through the coronavirus outbreak. Following the significant commercial and technical progress recently made by Pulsiv, the Government's support means we are in an even stronger position to realise the full range of opportunities open to the Company's technology.\" \n \n \n \n \n \n \n Pulsiv Solar statement begins:\n \n \n \n \n \n \n \n \n UK Government Future Fund invests £250,000 in Pulsiv Solar as part of £500,000 fund raising\n \n \n \n \n \n \n \n \n 10 August 2020 Pulsiv Solar (\"Pulsiv\" or the \"Company\") today ...