IP Group PLC and HydrogenOne Capital Growth PLC on Monday said they both separately invested £10 million in Bramble Energy Ltd’s recent funding round.
IP Group, a London-based investor in intellectual property-based businesses, noted that portfolio company Bramble has completed a £35 million series B investment funding round.
Bramble is a London-based fuel cell company.
IP Group committed £10 million to the series B financing round and HydrogenOne Capital Growth PLC in its own statement announced that it committed £10 million as well.
With the investment, IP Group now holds a 32% stake in Bramble. This is valued at £20.7 million, the company said.
HydrogenOne Capital, on the other hand, received an unspecified minority equity stake and has the right to a board seat at Bramble, the London-based hydrogen investment fund said.
Bramble will use the proceeds of the fund raise to ‘help further expand its capabilities in solving key challenges in the production and implementation of hydrogen fuel cell stakes,’ IP Group said.
Additionally, the firm plans ramp up the global distribution of its portable power units in partnership with BOC Ltd, HydrogenOne added.
Separately, IP Group announced that another one of its portfolio companies, First Light Fusion Ltd, raised $45 million, or £33 million, in its series C funding round.
The investor contributed £5 million to the round and has a beneficial holding of 27% following its completion.
IP Group also recorded a net unrealised fair value gain of £27.3 million, or 3 pence per share.
First Light Fusion’s series C funding was supported by Oxford Science Enterprises PLC, another constituent of IP Group’s portfolio.
Hostplus and new investors such as Braavos Capital and Tencent Holdings Ltd also committed funding, the investor said.
First Light Fusion Ltd is an Oxfordshire-based company focused on researching energy generation through inertial fusion.
Shares IP Group were down 2.3% at 95.57p each on Monday morning in London.
HydrogenOne shares were trading 0.4% lower at 101.43p each.
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