Company Announcements

Portfolio company Bramble raises £35m

Source: RNS
RNS Number : 5064B
IP Group PLC
14 February 2022


14 February 2022


IP Group plc - Portfolio company Bramble raises £35 million


IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to announce that portfolio company Bramble Energy Ltd ("Bramble" or "the Company"), 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.


For more information, please contact:


IP Group plc

Liz Vaughan-Adams, Communications           

+44 (0) 20 7444 0062/+44 (0) 7979 853802

Charlotte Street Partners

David Gaffney

+44 (0) 7854 609998

Andrew Wilson

+44 (0) 7810 636995


Notes for editors


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.


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