Portfolio company Pulsiv Solar (“Pulsiv” or the “Company”) has raised £890,000 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 £665,000 of existing debt plus accrued interest into equity. This includes £500,000 of convertible loans (details of which were announced by Frontier IP on 10 August 2020), comprising: £250,000 from the UK government’s Future Fund; £200,000 from the University of Plymouth Enterprise Limited, the University of Plymouth’s commercial consultancy and contract research arm; and £50,000 from Frontier IP. The Group also converted a further £165,000 convertible loan.
The fundraise and debt conversion values Pulsiv at £21.8 million, with Frontier IP’s resulting 18.8 per cent equity stake now worth £4.1 million. Frontier IP’s previous equity stake was valued at £3.6 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.
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.Pulsiv Technical Director Dr Zaki Ahmed
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.Frontier IP Chief Executive Officer Neil Crabb