 The pro forma nav per share post placing I believe has dropped to circa 69p ( from about 80p) the assets £39.3m ( including cash raised) divided by 56.5m higher shares in issue.Using the full year valuations.So at the 20p mark we are looking at over 70% discount to assets...with some of those assets looking at key inflection points. If the nav actually starts going up on higher valuations or there are any monetisation events at book or higher (above those running costs ! ) And the nav starts to climb then there clearly should be a decent rerating .Problem is on these type of VC investment pooled funds though is that if the market does not facilitate raising funds at attractive levels...and that last placing was dire in terms of asset per share dilution then is there a point in being listed and if the company cannot become self financing after many years is it a business model that works however good past performance has been from a shareholder point of view the shares are down 67% over 5 years ...so maybe the structure works far better for the managers rather than shareholders?The shares are down 23% over 10 years,So whilst they look ridiculously cheap at current levels on over 70% discount to assets ..more like 75% net of cash there probably needs to be some discussion as to whether this structure works for shareholders. |
Oak blokes article seems to have attracted a few buyers. Unfortunately the seller means the MMs have a ready supply of stock - for now.
With official announcement of this CamGraphic News imminent, and Pulsiv fundraising and contract news due shortly, hopefully they can generate enough buyers to clear the seller completely.
With CamGraphic in books at £3.4m and Pulsiv at £10.365m, any uplift in their NAV would see these 2 companies alone valued higher than Frontiers current share price
And with both flagged up as having near term exit potential, that means you’re getting Alusid, Cambridge Raman, TVG, Cash etc etc for free.
No advice intended. |
Oops my mistake. Getting NATO and NASA mixed up. |
Where have you seen NASA being involved in CamGraphic? |
The other thing about Pusliv is that the interims a year ago state the Pusliv carrying value is £10.365m. This is 15p a share even on the new enlarged share capital. Values Pusliv at £58m which is low if it gets going with new clients. |
I was looking at Pulsiv website and looking at their business partners.
Whilst these are not household names outside the industry, when you click on them and look at who they work with, you get an idea of how highly rated Pulsiv appears to be.
I particularly liked the partner Frenetic. They proudly boast that they are “trusted by LEADING companies around the world”. And then name Pulsiv, Bosch, NASA, General Electric etc.
They then go on to highlight Pulsiv as an example of the work that they do.
The other thing I note is that we have seen Bosch involved with Fieldwork Robotics, CamGraphic, and mentioned with Pulsivs Solar Panel project a few years back. NASA investing in CamGraphic(2D Photonics). Do these links provide any clues to whom Pulsiv are working with? |
Nice piece of analysis. I am surprised they do not have the LSE all over them to announce Camgraphic.
Frontier has 11 business days after today to release the interims. Are they waiting to role Camgraphic up in this. Of the other two companies in the first tier of exit possibilities, Pusliv is waiting to hear if it gets the global award on Monday together with currently going through a fund raise and Alusid must be working out whether an IPO is possible this spring.
The accounts list three companies on the second tier of the exit list which are Nandi, Vaccine Group and CRI.
There is lots clearly going on and the interims statement will need to be read carefully. |
Pulsiv on linkedin"A huge thanks to our strategic distribution partner Astute Group who are featuring our world-leading USB-C technology this week at embedded world Exhibition&Conference in Nuremberg, Germany. If you're visiting this event, please be sure to visit them in Hall 3A / Booth Number 3A-418"There's a photo on the page.Info on astute groupAstute is one of the world's most knowledgeable experts in international electronic component procurement, distribution, and supply chain management.Trusted to deliver in the most complex, mission-critical, and technologically advanced arenas, including Defence and Aerospace, Astute works with a hand-picked selection of over 100 of the world's elite component manufacturers to provide you with all the support you need to turn your vision into reality.With a physical presence across 21 service hubs serving Europe, the Americas, the Middle East, Africa, and Asia Pacific, Astute has expertise on hand for you at every step to fast-track project completion and time-to-market through assured supply continuity and replenishment. |
Indeed..i see the oakbloke has covered this now in an interesting piecehTTps://theoakbloke.substack.com/p/lets-chat-graphene-photonic-transceiversStill without some detail on the pre or post funding valuation and dilution on FIPP holding it's not possible to have an idea on financial impact .It does however give the company some very solid financial backers and has raised good money to move forward in difficult markets.An important asset. |
Bizarre that Frontier hasn't released anything on this |
It's AI linked ...where all the money is going! |
"A University of Cambridge spin-out company working to improve AI efficiency and bandwidth has raised 25 million in new funding."In the article linked earlier as well as listing some of the new investors...it would be good if the company officially confirmed the news and any impact on valuation though. |
Where is stated that they've raised this money. Last funding round I can see was for £800k, so it would be some jump!Additionally, it isn't easy in the current climate, so if it is correct I'd be impressed. |
One of the smaller but very interesting interests interview from a few weeks agohTTps://www.youtube.com/live/DU-YP2QeCN4?si=rEK6q-yUuEne0ozn |
Odd why nothing has come out as this is one of their larger holdings i thought Seems we had 20.8% valued at £3.4m according to the oak bloke though that was shown as debt..so that could be equity equivalent on conversion. That would value the business pre fund raise at £16.35m...so if they have raised £21m we need to know the pre new money that was based on...hopefully higher than £16.35!hTTps://theoakbloke.substack.com/p/back-ier-to-the-frontierOn the company website just showsPERCENTAGE OWNED AT 30 JUNE 202418.71 per centhTTps://www.frontierip.co.uk/portfolio/camgraphic/Some clarity would be good...but looks very positive with the info available and list of new investors looking very strong. |
Well Raising 25M Euro is around £21M that I've posted before and with some strong brand names within the investment piece.
FIPP had debt investment within Camgraphic of I think £2.6M. I've said before, my assumption is they've turned this debt into equity for the fundraising purposes.
Million dollar question is how diliated has FIPP become after the fund raise? My guess is that for FIPP's market cap of £15M - FIPPs stake in Camgraphic might be a similiar amount? Wild guess that.
Be interested to see how they respond to you. |
I have emailed FIPP to ask why they haven’t announced this. Particularly when we have invested in it, it would appear to be materially significant news.
Looking back to September they released announcements about Deakin fundraise. |
Good find Acuere.
The only thing I can think of is FIPP posted their HY Results last Year around this time - assumption is that it's going be announced alongside their results... |
Here is a link to press release from 11th March about CamGraphic €25m fundraise.
Surely a successful fundraise in current markets is the sort of good news that Frontier should be shouting about. Or are they happy to see the share price dwindle away to such a deep discount to NAV. |
Surprised FIPP haven’t announced the CamGraphic funding news yet.
Meanwhile here’s a new product coming from Molendotech.
MolendotechMolendotech
457 followers457 followers
19h • Edited • 19 hours ago
Ok, we really can't contain it any longer...
Over the last few months, we've been busy behind the scenes making our newest innovation in water testing a reality.
Bactiquick tests for dangerous bacteria in the water in just 15 minutes - keeping wild swimmers, surfers and paddlers safe from dangerous bacteria.
It's fast, reliable, portable and easy to use.
Because water lovers deserve to know if it's safe before diving in.
We've got an App and website in the works too, so watch this space. |
GraphEnergyTech also keen to tell us of a new magazine article featuring them.
“Exciting news! GraphEnergyTech has been featured in pv magazine Global for our groundbreaking work in graphene-based electrodes for solar cells! 🌞⚡
Our technology is paving the way for cost-effective, highly conductive, and scalable solutions that could replace silver in both hashtag#silicon and hashtag#perovskite solar cells.
🌍 Key highlights from the article:
🔹 Our patented graphene electrodes are compatible with industry-standard screen printing, doctor blading, and slot-die coating.
🔹 We are advancing inkjet-compatible formulations for next-gen solar manufacturing.
🔹 GETPSC Project: A major collaboration with University of Cambridge, Taiwan Perovskite Solar Corp (TPSC), and ITRI to commercialize perovskite modules.
🔹 SiLEAN Project: A Horizon Europe-backed effort to develop silver-free SHJ solar cells.
🔗 Read the full article here: hxxps://lnkd.in/eUXXqDBm
We’re proud of the progress so far and grateful for the support of our partners and investors. Stay tuned for more updates as we continue pushing the boundaries of next-gen solar technology! And do not hesitate to reach out should you want to know more!⚡ |
Not expecting an exit from Pulsiv anytime soon given the absence of revenues |
New interview with GraphEnergyTech CEO about their Taiwanese collaboration:
"Frontier IP investee GraphEnergyTech discusses solar panel collaboration
Mar 10, 2025 #GraphEnergyTech #SolarEnergy #GrapheneTech
GraphEnergyTech CEO Dr Thomas Baumeler discussed a collaboration with the Taiwan Perovskite Solar Corporation, Taiwan’s prestigious Industrial Technology Research Institute and the University of Cambridge. The project is supported by an Innovate UK grant worth nearly £900,000.
Known as GETPSC (Graphene Electrode Technology for Perovskite Solar Cells), Baumeler explained that current solar cells rely on expensive silver electrodes, which degrade when in contact with Perovskite Solar Cells. GraphEnergyTech, a Frontier IP Group PLC (AIM:FIPP) portfolio company, aims to replace these with graphene-based electrodes, offering a more stable and cost-effective alternative. "Graphene is one of the most interesting materials out there," he said, highlighting its durability and lower cost compared to silver.
Perovskite Solar Cells are considered the next major advancement in photovoltaics due to their efficiency and simpler manufacturing process. However, industrial-scale adoption has been hindered by the lack of a viable nonmetallic electrode—something GraphEnergyTech aims to solve.
Baumeler also noted that GraphEnergyTech is working on replacing silver electrodes in traditional silicon-based solar cells while exploring applications for its conductive carbon-based technology in batteries, supercapacitors, and electronics." |
I Noticed that Under Series A Funding - FIPP is listed as an investor as well as being a Seed investor. My assumption is that they've turned a loan into equity - but lets see what the RNS will say. |
As a reminder CamGraphic/2D Photonics were looking to raise £21m. Hopefully we will see an uplift in value of FIPP stake now this completed. |
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