IP : Bramble Energy Ltd - Secures significant new capital to accelerate its unique fuel cell deployment

Bramble Energy, the world's most scalable hydrogen fuel cell company, has raised a £5m Series A round. BGF led the round and was joined by existing investors including IP Group, Parkwalk Advisors, and UCL Technology Fund.

Bramble Energy has developed the only technology capable of producing gigawatts of hydrogen fuel cells using existing global manufacturing resources, dramatically reducing the time to market and investment needed versus existing fuel cell designs. Hydrogen fuel cells generate electric power from an electrochemical reaction rather than combustion, thereby eliminating carbon emissions from the power unit and producing only water and heat as by-products.

Addressing a key component of the world's transition to a low-carbon economy, Bramble Energy has created a patent protected fuel cell that can be manufactured in almost all printed circuit board (PCB) factories world-wide. This solves the key challenges of lead times, up-front investment, manufacturing cost and scalability in the production of hydrogen fuel cells. The use of hydrogen as a key part of global efforts to drive towards net-zero emissions is increasingly recognised, most recently with the European Union adopting its own major Hydrogen Strategy in July.

Bramble Energy was founded in 2016 as a spinout from UCL and Imperial College London by Professor Dan Brett, Professor Anthony Kucernak and CEO Dr. Tom Mason.

The company has recently begun product acceptance testing with BOC/Linde (the UK's largest industrial hydrogen producer) to supply into their Hymera product range. Funding will support the launch of Bramble Energy's portable power product range, starting with a low cost, flexible 20W unit, shortly followed by 60W and 100W versions, that are zero-emissions replacements for diesel generator technologies. The rapid development of high power density, liquid-cooled fuel cell systems is also now underway, using the same scalable low-cost technology platform.

Dr Tom Mason, co-founder and CEO at Bramble Energy said:'This is a hugely exciting time for Bramble Energy, with many eyes focused on the UK's leadership role in the transition to a greener economy. We are solving some of the greatest barriers to the adoption of fuel cells - through our ground-breaking manufacturing route, scale-up potential and low-cost production.

'BGF understands our mission, culture and technical capabilities. We are pleased to have them on board, backing our growth and expansion at a critical juncture for the business.'

George Millsat BGF said: 'Bramble has created a world-first in the production of hydrogen fuel cells, with the potential to transform a global and growing market. Critically, Bramble has inherent scale-up potential with fuel cells that can be made in PCB factories around the world. BGF is backing a pioneering team with significant commercial acumen. As the UK advances towards its greener future, the cleantech industry is one of increasing interest to BGF, with our capital and financial firepower designed to help accelerate growth and provide long-term partnerships.'

Jamie Vollbracht, Cleantech Partner at IP Group and acting Bramble Energy Chair said: 'Bramble's distinctive, highly scalable technology is exactly what is needed for hydrogen fuel cells to go mainstream. We are delighted to welcome BGF to the board following this funding round, as we move into an exciting phase of rapid growth for the business.'

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About BGF:

• BGF was set up in 2011 and has invested more than £2.2bn in over 330 companies, making it the most active investor in the UK.
• BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs.
• BGF invests in growing businesses in the UK and Ireland through its network of 16 offices.

www.bgf.co.uk

Social media: @BGFinvestments

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.

For more information, please visit our website atwww.ipgroupplc.com.

UCL Technology Fund

The UCL Technology Fund is dedicated to investing in intellectual property and commercialisation opportunities arising from UCL's world-class research base, focusing in particular on the physical and life sciences. The fund supports UCL academics in achieving the full potential of innovations that have prospects for outstanding societal and market impact, right through the development journey from initial proof of concept to practical commercial application. The Fund is managed by AlbionVC, one of the largest independent venture capital investors in the UK, in collaboration with UCL Business. For further information please visit:www.ucltf.co.uk

AboutParkwalk

Parkwalkis the largest growth EIS fund manager, backing world-changing technologies emerging from the UK's leading universities and research institutions. With £300m of assets under management, it has invested in over 120 companies across its flagship Parkwalk Opportunities EIS Fund as well as the award-winning enterprise and innovation funds Parkwalk manages for the Universities of Cambridge, Oxford and Bristol.

Parkwalk invests in businesses creating solutions to real-world challenges, with IP-protected innovations, across a range of sectors including life sciences, AI, quantum computing, advanced materials, genomics, cleantech, future of mobility, medtech and big data.