30 May 2008 09:00
Imperial Innovations Group plc
("Imperial Innovations")
Investment in Evince Technology Ltd
Imperial Innovations Group plc (AIM:IVO), today announces that the Low Carbon Seed Fund, a £2 million fund established by The Shell Foundation, The Carbon Trust and Imperial Innovations has invested £175,000 in Evince Technology Ltd ("Evince"). The £500,000 funding round in Evince which has developed a semiconductor device that reduces CO2 emissions, also included a separate investment of £150,000 from Imperial Innovations and £175,000 from NorthStar Equity Investors (NSEI).
Founded in 2004, Evince Technology has pioneered a semiconductor device with the potential to dramatically improve the performance of sustainable energy sources such as wind turbines and fuel cells by enabling the direct connection of power electronic systems to the main electricity grid, thereby driving down costs and improving efficiency. The technology reduces the power required by motors which in turn significantly decreases CO2 emissions. Evince will use the £500,000 investment over the next 12 months to further develop its semiconductor technology IP, with a view to raising a series A investment.
Evince's Commercial Director, Neil Loxley commented: "The effective utilisation of electrical energy at the point of transfer is now seen as a linchpin to the future of sustainable power. The semiconductor technology we are developing is inherently able to operate at grid voltages and could have a huge impact on the energy sector at the points of generation and utilisation."
Susan Searle of Imperial Innovations added: "We are delighted to be investing in Evince alongside the Low Carbon Seed Fund and NSEI in Evince, at this early stage of the business. We look forward to working with the Evince team."
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For more information contact:
| Imperial Innovations |
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| Susan Searle, Chief Executive Officer | +44 (0)20 7594 6591 |
| Lucy Ahfong, Marketing Communications Executive | +44 (0)20 7594 6644 |
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| M:Communications |
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| Harriet Totty / Eleanor Williamson | +44 (0)20 7153 1530 |
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| JPMorgan Cazenove (NOMAD to Imperial Innovations) |
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| Steve Baldwin | +44(0)20 7588 2828 |
Notes to Editors
About Imperial Innovations
Imperial Innovations is one of the UK's leading technology transfer and commercialisation companies. The company was founded in 1986 and its ordinary shares admitted to trading on the AIM Market of London Stock Exchange plc in July 2006, raising £25 million at an offer price of 365p and £1 million by means of a public offer. In November 2007, the company raised a further £30 million by means of a placing of new ordinary shares with investors.
The company's integrated approach encompasses the identification of ideas, protection of intellectual property, development and licensing of technology and formation, incubation and investment in technology businesses. A wide range of technologies are commercialised within the areas of healthcare, energy, environment and emerging technology trends.
Based at Imperial College London, the company has established equity holdings in 77 technology businesses and is managing 133 commercial agreements as of 31 July 2007. Imperial Innovations also commercialises technologies originating from outside Imperial College through incubation contracts with the Carbon Trust and WRAP and has commercialisation contracts with a number of multinational corporations including BAE Systems.
www.imperialinnovations.co.uk