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Frontier IP Group PLC - UK-based intellectual property commercialisation firm - Says portfolio company Pulsiv Solar has raised GBP890,000 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. Frontier IP says Pulsiv has also converted GBP665,000 of existing debt plus accrued interest into equity. The fundraise and debt conversion values Pulsiv at GBP21.8 million, with Frontier IP's resulting 19% stake now worth GBP4.1 million.
Neil Crabb, Frontier IP chief executive officer, said: "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."
Current stock price: 62.40 pence
Year-to-date change: down 5.5%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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