IP Group portfolio company completes series A funding round

Intellectual property investor IP Group said on Tuesday that portfolio company Hysata had completed an oversubscribed series A funding round to develop a pilot manufacturing facility.

IP Group stated Hysata, which was spun out of the University of Wollongong in 2021, had raised AUD $42.5m (£24.3m) to help develop a pilot manufacturing facility aimed at delivering the world's lowest-cost green hydrogen.

The FTSE 250-listed group committed a total of AUD $19.0m (£10.9m) to the funding round. Following completion, the IP's stake in Hysata will be valued at approximately £19.0m.

Chief executive Greg Smith said: "Hysata has made excellent technical progress with research in Nature Communications, the scientific journal, confirming its efficiency earlier this year and we're delighted to see Hysata attract such strong interest in this round.

"This is a great example of IP Group's model where our Australian team have worked closely with our cleantech team in the UK to find, fund, and support this exciting hydrogen technology."

As of 0950 BST, IP Group shares were down 1.50% at 85.15p.

Reporting by Iain Gilbert at Sharecast.com