LONDON, UK: IP Group plc (LSE: IPO) announced that portfolio company Bramble Energy, a London-based fuel cell company, has completed a £35 million Series B investment round to help further expand its capabilities in solving key challenges in the production and implementation of hydrogen fuel cell stacks.
IP Group committed approximately £10 million to the round. Following completion, IP Group has an undiluted beneficial holding of 32.3% in Bramble, valued at £20.7m, representing a net unrealised fair value gain to the Group of approximately £6.6m.
Bramble, which was founded by Dr. Tom Mason in the research labs at Imperial College of London and University College of London, has developed a unique, patent protected, printed circuit board (PCB) fuel cell – the PCBFC™. The innovation is that the PCBFC™ utilises existing and cost-effective production methods and materials from the well-established PCB industry, reducing cost and complexity in manufacturing hydrogen fuel cells.
The funds raised will enable Bramble to roll out its portable power products globally as well as continue to develop its liquid cooled fuel cell stack capability. Through this phase Bramble will deploy its disruptive fuel cell stack technology in a variety of strategic commercial applications to enable decarbonisation across a number of industries and sectors.
Jamie Vollbracht, Partner, Cleantech at IP Group plc, said: “Hydrogen, through its green production from electrolysis or its use in fuel cells to provide clean power, is critical for the transition to net zero. Bramble Energy brings a fundamentally different approach to these technologies, unlocking the deployment of hydrogen faster, more flexibly and at scale. We are delighted to contribute substantially to this significant funding round which will take Bramble to the next stage.”
The round was led by HydrogenOne Capital Growth plc and supported by existing shareholders including IP Group as well as funds managed by its subsidiary Parkwalk Advisors, BGF and the UCL Technology Fund.