Seren to provide its novel LED technology in India
The firm's technology is a fresh approach to increasing the amount of light created at the very heart of a white high brightness nitride-based LED
Fusion IP has announced that Seren Photonics Ltd (Seren) has signed its first collaboration agreement that includes terms to bring its unique LED processes to market.
Seren uses a novel procedure to bring together low cost mass manufactured blue HBLED structures and nano-science to achieve a white HBLED with superior performance compared to current state-of-the-art products.
The brightness (efficacy) of current HBLEDs range from 60 to 120 lumens per watt (lm/W). Seren says adoption of this procedure could see mass manufactured HBLEDs with efficacies of around 200 to 260 lm/W.
Under the terms of the agreement, which was signed with a major, undisclosed, LED manufacturer, Seren has given exclusive rights to its technology for certain lighting applications in India. The chosen partner has entered in to a collaboration agreement with Seren, which when successfully concluded, will allow the partner to take a licence for manufacture of product incorporating Seren’s processes.
Fusion IP, a university IP commercialisation company that turns world class research into business, has a 48 % shareholding in Seren.
Godfrey Ainsworth, Seren’s Chairman, announcing the deal said, “We estimate that the first sales of manufactured product, incorporating our technology, will start as early as 2013 and lead to an increasing royalty stream, as our partner brings our process in to full production and their own manufacturing capacity increases. We look forward to working closely on the collaboration and to achieving a successful tech transfer during 2012 to our first manufacturing partner."
"This is the first of many commercial agreements we hope to conclude for Seren and it really demonstrates the potential of our unique approach to enhance light creation from LEDs. This agreement is for just one application in one territory in the world. We are already in discussions with a number of our manufacturers around the world and expect to see further agreements made in a number of territories in 2012/13. Clearly, the potential value to the company of engaging with the right manufacturing partners is very significant", he concluded.
David Baynes, CEO of Fusion, added, "This is another great example of the value of the technology in our pipeline. Seren clearly has the potential to become an extremely valuable portfolio company and we look forward to more deals in the future, as the Company rolls out the technology into other sectors and other countries across the world.”
Fusion IP plc (Fusion) was established in 2002 to commercialise university-generated intellectual property. It has long-term exclusive agreements with two of the UK’s leading research intensive universities, the University of Sheffield and Cardiff University, giving it exclusive access to a combined R&D spend of over £ 185 million a year.
Fusion’s first agreement was a ten-year exclusive arrangement with the University of Sheffield, giving it the right to commercialise (through the creation of spin-out companies and licensing) research, owned by the University, initially in the area of medical life sciences. This agreement was expanded in July 2008 to include all non-life science research-generated IP such as energy, engineering and electronics. Fusion has significant shareholdings in a portfolio of University of Sheffield spin-out companies including Simcyp, Magnomatics, Diurnal and Phase Focus.
In January 2007, Fusion completed a ten year exclusive agreement with Cardiff University, also giving it the right to commercialise (through the creation of spin-out companies) Cardiff University's research-generated IP. Fusion has significant shareholdings in a portfolio of Cardiff University spin-out companies including Mesuro, Asalus and MedaPhor.
On 2 December 2009 Fusion announced that it had raised approximately £3.2 million through a fund raising and that as a result, IP Group held approximately 19.8% of Fusion. Fusion has also entered into a Co-Investment Agreement with IP Group, in which IP Group has the right to acquire for cash, 20% of Fusion’s equity in any new portfolio company. As Fusion normally owns 60% of any new portfolio company at start-up, IP Group’s shareholding would normally equate to a 12% stake in the new portfolio company.
Fusion IP also has a Memorandum of Understanding with Finance Wales, the provider of commercial funding to Wales-based SMEs, which outlines a strategy of co-investment in opportunities arising from the Cardiff Agreement.
On 8 November 2011 Fusion announced that it had raised approximately £5 million through a fundraising with existing and new institutional investors. As a result of this IP Group holds an interest in approximately 26% of Fusion.