Industrial Heat


Industrial Heat has built a platform of new energy technologies focused on harnessing hitherto poorly understood or neglected energy science, including cold fusion. Some parts of this field of research have attracted scepticism within the established scientific community historically, following a series of technological breakthroughs in which positive results have been witnessed, attracted attention and excitement, but ultimately not been successfully replicated or validated. Meanwhile, the theory of cold fusion cannot be explained by the known laws of physics.

Investment case summary

We are fully cognisant of the scepticism that has surrounded the theory and history of cold fusion. However, we believe the potential disruptive implications of a new, substantially more efficient source of energy, deem the various fields of neglected energy science worthy of further investigation. Hence, following a period of more than two years undertaking due diligence, we first invested in Industrial Heat in May 2015.

Industrial Heat has subsequently set about building a portfolio of new energy technologies from around the world. Following some disappointing initial developments, the investment was written down in 2016. However, over the last 18 months, progress within the portfolio has shown increasing promise.

The company continues with independent testing on its technologies with encouraging results. This is exciting and positive progress, but it remains early days in the development and commercialisation of its technologies.

Ask a question about our investment in Industrial Heat

Fund exposure
Equity Income Fund 2.54%
Patient Capital Trust 8.92%

As at 31 March 2019

Aggregated portfolio weight across more than one line of stock.

Geography United Kingdom
Industry Industrials
Themes Disruptive technology

Source: Woodford


Valuation uplift

The net asset value of the Woodford Patient Capital Trust and the Woodford Equity Income Fund will today see material uplifts, as a result of developments at Industrial Heat, a disruptive technology company in which both portfolios hold a position 1.

Over the course of the last eighteen months, there have been developments within Industrial Heat’s portfolio of technologies that have shown increasing promise. Hence, with the company raising capital from other investors to continue the path to commercialisation, the valuation of the company has been adjusted to reflect this progress.

Link Fund Solutions (which, as the Authorised Company Director of the LF Woodford Equity Income Fund and the appointed Alternative Investment Fund Manager of the Woodford Patient Capital Trust, has full responsibility for the unquoted security valuation process), is in receipt of details of the ongoing fundraising and has decided to increase the value of the Industrial Heat holding by 357%.

Although this is exciting and positive progress for Industrial Heat and the funds, it remains early days in the development and commercialisation of these technologies. We look forward to sharing more details with you when we can.

Mitchell Fraser-Jones
21 September 2018


  1. The uplift will be reflected in the Woodford Patient Capital Trust’s net asset value struck at close of business 20 September 2018, and the LF Woodford Equity Income Fund’s net asset value struck at midday 21 September 2018.

Woodford Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 745433). Incorporated in England and Wales, company number 10118169. Registered address 9400 Garsington Road, Oxford OX4 2HN.

Woodford Patient Capital Trust plc is incorporated in England and Wales, company number 09405653. Registered as an investment company under section 833 of the Companies Act 2006. Registered address Beaufort House, 51 New North Road, Exeter, EX4 4EP.

© 2019 Woodford Investment Management Ltd.
All rights reserved.

Are you sure?

By disagreeing you will no longer have access to our site and will be logged out.

Privacy Preference Center

Experience Tracking

Lets our analytics service track you across our different websites and enables data sharing among our different marketing tools.

AMCV_[Tracker ID]@AdobeOrg (Adobe), [Tracker ID]@AdobeOrg (Adobe)
Adobe Analytics (helps us provide you with more relevant experiences and content based on your likely interests). Cookies: demdex, dextp, dpm, DST, DSTJS
Twitter personalisation (by better understanding how devices are related, Twitter can use information from one device to help personalize the Twitter experience on another device). Cookies: personalization_id
Heap Analytics (provides metrics on user behaviour and actions throughout the site). Cookies: _gid, _hp2_id.[Tracker ID],_hp2_props.[Tracker ID], _ga, _mkto_trk, optimizelyBuckets, optimizelyEndUserId, optimizelySegments, raygun4js-userid, _attribution_referrer, _csrf
Adobe Analytics (provides you with more relevant experiences and marketing messages based on your likely interests). Cookies: _tmae ,ev_sync_dd,ev_sync_yh,everest_g_v2,gglck

Traffic Metrics

Allows Woodford to aggregate information on website usage and popular content

_ga, _gid
Google Analytics (tracks and reports website traffic and user behaviour): Cookie: CONSENT
New Relic (application and server performance monitoring – allows us to spot problems with our website code and improve them to keep things running smoothly). Cookie: JSESSIONID
Adobe Analytics (provides you with more relevant experiences and marketing messages based on your likely interests). Cookies: __qca,__smToken, _ga, _mkto_trk, _rtbmedia

Search History

Populates the 'recent searches' section of the website navigation.


Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?