Portfolio co First Light completes $45m fund raise

IP Group plc - Portfolio company First Light Fusion

completes $45m (£33m*) fund raise

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, notes that portfolio company First Light Fusion Ltd, a global leader in researching energy generation via inertial fusion, has completed its Series C fund raise, raising $45m (£33m*) from both existing and new investors.

As announced on 29 November 2021, IP Group committed £5m to the funding round and, following completion, has an undiluted beneficial holding of 27.4%. IP Group has recorded a net unrealised fair value gain of £27.2m** or 3p per share.

The round was also supported by existing investors Oxford Science Enterprises (formerly OSI) and Hostplus as well as new investors Braavos Capital and Tencent.

First Light's approach to fusion, which is safe, clean, and a virtually limitless source of energy, has the potential to transform the world's energy system. Unlike existing nuclear, there is no long-lived waste, no meltdown risk, and raw materials can be found in abundance. Unlike many other fusion approaches, First Light's power plant will largely leverage existing technology and materials.

The new funding will be used to accelerate the development of First Light's "gain" experiment, whereby the amount of energy generated outstrips that used to spark the reaction, and to perform further design and engineering work on a 'first of a kind' commercial fusion energy power plant based on its technology.

*GBP equivalent using 1.36 USD/GBP

**Fair value gains are quoted net of the Group's long-term incentive carry scheme ('LTICS'). 

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About IP Group

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.

Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.

For more information, please visit our website at www.ipgroupplc.com.

ENDS