IP Group's Bramble Energy, First Light Fusion complete funding rounds

14th Feb 2022 07:36

(Sharecast News) - IP Group said its portfolio company Bramble Energy had completed a £35m funding round to further develop and commercialise its fuel cell stack capabilities.

The intellectual property investor said it committed around £10m to the round, adding that its 32.3% stake in Bramble would be valued at £20.7m, a gain of about £6.6m.

Bramble will use the cash to roll out its portable power products globally and develop its liquid cooled fuel cell stack capability.

In a second deal, IP said portfolio company First Light Fusion, a company that researches energy generation via inertial fusion, had raised $45m.

IP committed £5m and now has a stake of 27.4% in First Light, representing a net unrealised fair value gain of £27.2m.