25th Mar 2015 11:19
LONDON (Alliance News) - Frontier IP Group PLC on Wednesday said portfolio company Alusid Ltd has received commitments totalling GBP266,000 in its first funding round.
Frontier IP said its holding in the company, which is working on commercialising a technology which turns industrial waste materials into environmentally-sustainable materials for the construction industry, will be revalued to show a rise of GBP0.68 million.
Frontier has also signed a deal with Alusid to provide advisory services for its next development phase.
"Alusid is a truly innovative company, producing environmentally sustainable construction materials from industrial waste. They also have the potential to reach a global market. This fund-raising, which includes a number of well-known institutional investors, will set them on the next step towards commercialisation," said Frontier IP Chief Executive Neil Crabb.
Shares in Frontier IP were down 0.3% to 24.175 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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