27th Oct 2015 09:08
LONDON (Alliance News) - Frontier IP Group PLC Tuesday said the value of its portfolio company PulsiV Solar Ltd has been "significantly uplifted" following PulsiV's first fundraising.
The intellectual property company said PulsiV received commitments of GBP0.5 million, resulting in Frontier's holding being uplifted by GBP0.9 million. The fundraising values PulsiV at GBP5.0 million, with Frontier retaining a 19% holding, it said.
PulsiV developed a technology which "significantly improves" the energy efficiency of photovoltaic solar panels, according to Frontier, and the fundraising will allow it to accelerate product development.
"The technology being developed by our portfolio company PulsiV Solar, has the potential to drive significant gains in the energy efficiency of solar panels and other photovoltaic systems. We have been delighted to assist with the company's first funding round and will continue to deploy our energy sector experience to take this ground-breaking technology to market," Chief Executive Neil Crabb said in a statement.
Shares in Frontier IP were trading up 3.6% at 19.42 pence early Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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