14th Aug 2015 06:27
LONDON (Alliance News) - IP Group PLC said Friday its portfolio company First Light Fusion Ltd has completed a GBP22.7 million fund-raising.
First Light Fusion was spun-out of the University of Oxford, and is focused on new implosion processes which have the potential to "dramatically shorten the timescale and cost of achieving practical and affordable fusion energy", IP Group said.
It will use the funds raised to further develop its modelling tools and experimental capability, and to fund collaborations with research groups.
The fund-raising will be completed in two tranches, and IP Group has committed GBP5.8 million to the first tranche. Following the first tranche it has a 34.9% interest in First Light. Other investors include a fund managed by Invesco Asset Management Ltd.
"First Light is making excellent progress in developing its technology towards eventual commercial application. The participation of such high-quality investors alongside IP Group in this fundraising is a testament to the achievements of the First Light team so far," said IP Group's Head of Cleantech Robert Trezona in a statement.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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