Please set your featured image
IP Group’s First Light Fusion completes £22.7m fundraising
IP Group’s portfolio company, First Light Fusion – a spinout from the University of Oxford – has completed a fundraising of up to £22.7m.
First Light has discovered new implosion processes that can achieve the high temperatures and compression necessary for fusion reactions and this fundraising will allow collaborations with leading research groups in the field.
The financing round will be completed in two tranches subject to the attainment of certain milestones. Following the £14m first tranche of the fundraising, IP Group has an undiluted beneficial interest of 34.9% in First Light that is valued at £13.9m and this has resulted in an unrealised fair value gain to the group of £6.4m.
IP has committed £5.8m to the first tranche, while other investors in the financing round include a fund managed by Invesco Asset Management Limited, clients advised or managed by Sandaire Investment Office and the University of Oxford.
First Light’s chief technology officer and co-founder Nick Hawker said: “The company has made considerable progress in the last 18 months, which has allowed us to raise significant capital from leading investors in the science commercialisation space.
“We believe that we have a differentiated approach to developing technology for fusion and these funds will accelerate our vision of affordable, practical and safe energy supply. We are already working with a number of leading university research groups, and we will use the new capital to expand this programme.”
FirstLight also announced that it has established a Scientific Advisory Board to provide technical input and government for its ongoing development programme.
IP Group is a developer of intellectual property-based businesses.