- IP Group's portfolio company First Light Fusion notched a 'major' milestone after it revealed plans to demonstrate fusion using its 'Machine 3' by mid-2019.

First Light, in which IP Group holds an undiluted beneficial stake of 35.9%, valued at £17.7m, had announced that it completed building and testing its unique pulsed power device, Machine 3. It is the biggest pulsed power machine in the world dedicated to researching fusion energy, according to the company.

Machine 3 is capable of discharging up to 200,000 volts and in excess of 14m ampere, within two microseconds.

Similar to a railgun, it would use electromagnetism to fire projectiles at around 20km/s - enough to travel from London to New York in 4 minutes, the company said.

'This is another major milestone for First Light Fusion. We are confident we will show fusion this year,' said Nicholas Hawker, Founder and CEO of First Light Fusion.

'After fusion, the next phase is to show energy gain, which we aim to complete by 2024.'

At 9:34am: [LON:IPO] IP Group PLC share price was +1.8p at 105.6p

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