First Light announces £25m successful first close

Portfolio company First Light Fusion announces £25m successful first close of new round with investments from Starmaker One & UKAEA

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and technology companies with the potential to create a better future for all, notes that portfolio company First Light Fusion Ltd ("First Light" or "the Company") has announced a £25m successful first close of its latest funding round,

First Light, the UK's inertial fusion energy company, noted the round was led by UK venture firm East X Ventures and its fusion fund Starmaker One with a significant strategic investment from the UK Atomic Energy Authority (UKAEA). It was also supported by existing shareholders including IP Group and our Hostplus managed fund. Following completion, IP Group has an undiluted beneficial holding of 28.3% in First Light, with a further 17.3% held via its managed funds*.

The capital will accelerate the commercial development of First Light Fusion's groundbreaking FLARE Fusion Energy concept - a novel, reactor‑compatible approach to Inertial Fusion Energy, aimed at offering a simpler, lower cost, pathway to fusion energy.

Greg Smith, Chief Executive of IP Group, said: "First Light Fusion continues to make strong progress as it advances a highly differentiated and commercially focused approach to inertial fusion energy. The participation of specialist fusion investors alongside the UK Atomic Energy Authority is a strong endorsement of both the company's technology and its strategic relevance to the UK's long‑term energy ambitions. IP Group provides investors with access to differentiated deep‑science opportunities such as First Light. We continue to support the company as it accelerates development of its FLARE concept towards scalable, reactor‑compatible fusion."

*Includes funds managed/advised on behalf of Hostplus.