Financial Times Reports on Woodford’s Investment in Industrial Heat and Cold Fusion

An article in the Alphaville section of the Financial Times (see here — free registration required to read it) reports on the approximately $50 million investment of British investment manager Neil Woodford in Industrial Heat in May 2015.

The author of article, Kadhim Shubber, is very skeptical that cold fusion could work at all, based on his understanding of physics. He is therefore surprised about the Woodford investment, and especially that no one is talking about it.

Shubber also notes that Woodford invested in Industrial Heat, who were backers of Andrea Rossi and the E-Cat, but now claim that the E-Cat can’t produce any measurable excess energy — and he refers to the disputes between Ross and IH in the current court case.

He concludes: “Maybe, just maybe, cold fusion will end up working. Anything’s possible. Never say never. Whatever. Etc. But there’s something undeniably weird about the UK’s most respected fund manager dipping his toes and his clients’ money into this not very credible part of the world.”

Andrea Rossi, on the Journal of Nuclear Physics, responded to the article with this comment:

Andrea Rossi
November 25, 2016 at 10:43 PM
Roslyn Abrams:
Woodford visited the plant during the test in February 2015 and in September 2015: when they invested 50 million dollars in IH the sole license and intellectual property that IH had was the one of Leonardo Corporation. The top level officers that Woodford sent to visit the plant during the test had at their disposal the first and the second querterly report made by the ERV. The fourth and last quarterly report, as well as the third, were substantially equal to the first and the second. IH has also paid the invoices related to the first, the second and the third report of the ERV. Eventually, they did not pay the fourth report, because they said it was not correct. But it was equal to the former three, related to the period during which IH collected funds from their investors. At the end of the second visit to the plant of 1 MW during the test, in September 2015, the senior officer of Woodford said to me the following precise words: ” Congratulations, Dr Rossi, we saw great stuff here”.
Warm Regards,

Woodford, in its public statements have been very cautious and conservative regarding their support of LENR, but Rossi alleges they were very impressed with what they learned about the E-Cat. I expect this will be a line of investigation that will be examined in more detail in the court case.

  • Frost*

    I see MaryYugo has had a comment deleted and threatened with a total ban by the FT mod – nothing new there then 🙂

  • Jerry Soloman

    pretty sure Woodford has information that indeed the ecat does work, this is a ploy to make them respond to investors which they should.

  • georgehants

    It is I think clear that if Mr. Rossi is by any chance genuine then the gods could not have picked a worse person to be the ambassador of this new technology.

    • Alan DeAngelis

      Yeah, but they couldn’t have picked a better Field Marshal.

      • georgehants

        Alan, a very strange “field marshal” that does not even seem to know that there is a war going on and sits in his bunker all day counting up his imaginary money, while people die.

      • Buck


        hard not to agree with that description. Rossi, seemed to have recognized that IH/Darden was not a good player early on and began to prepare for the possibility. My recollection is that he accumulated about 13 binders of information (emails, reports, and notes) outlining the essentials. All of this before IH/Darden refused to pay the $89M, essentially claiming that the 1-year test results were BS, though they used more words refined by Jones-Day.

        The Field Marshall then brought the war to them . . . quickly filing the legal action in court, likely wiping the grin off of Darden’s face.

        • georgehants

          Morning Corporal Buck, your reply is all only supposition as regards to if Mr. Rossi has even the most basic over-unity device.
          The Fact is, there is no clear Evidence that he has anything and my point about a Field Marshall hiding a weapon to fight against the war of poverty and need, I think I am correct in saying is self evidently weird.
          I am completely open-minded as to if Rossi is genuine but to assume he is without the clear Evidence is just another worthless opinion.

  • Alan DeAngelis

    “Kadhim Shubber, is very skeptical that cold fusion could work at all, based on his understanding of physics.” But regardless of what he thinks, lithium-7 is disappearing.

  • Frank Acland
  • MasterBlaster7

    Is there a cut throat VC in the audience? Cause I still don’t understand Darden/IH’s move in not paying Rossi his 90 million. It just doesn’t make business sense backed up by statements in this article…….so seriously, cut throat VC, what could be the angle???

    • pg

      The angle could be not paying 90 million dollars if they can get away with it?

      • MasterBlaster7

        But why even take the risk if the ultimate outcome is so lucrative. The ends do not justify the means to this cheap back room hustle.

        • Omega Z


          You know what’s really hard to believe?

          This is a common practice among VC’s…

          You need VC’s funding, but once they have knowledge of your IP they start asking you things like, Why do we need you again?

          That the technology could return them Billion$ doesn’t matter.

          Greed has No limits…

    • Ophelia Rump

      To get the data cheap and then kill off the technology path to public access and hide the technology behind a pay wall. The permanent enslavement of the human race to high cost energy in a free energy world.

      • Alan DeAngelis
        • Bob Greenyer

          Thank you Alan for posting this – minute 6 onwards is very important with respect to our “Life Changing” experiment thread. First time I was made aware of this researcher.

          • Gerald

            I think I had to listen 10 times to understand the name. Dr. Royal Raymond Rife.

          • Bob Greenyer

            Yes, but here again is yet another inventor that has shown these kind of resonant effects.

            It is all about resonance

      • HS61AF91

        The doctore went through a learning process, in the clink, courtesy of the Italian garbage mafia. I believe he is applying the lessons learned in his approach to releasing this world saving technology. He proceeds, without winding up in the clutches of a IH, energy generating mafia. (I do believe his ultimate intention is to make e-cats universally available, and is doing his best to get there.)

      • MasterBlaster7

        That is an incredibly cynical interpretation….but may be true. I guess thats what a cut throat VC would do…but thats even lower than a cut throat VC….thats…thats…merchants of death level lying and theiving…I was prepared to chalk it up to rank stupidity. I guess we will know more as this all plays out.

      • Buck

        I don’t see this as being that far fetched.

        If I recall correctly, history books reflect that Rockefeller of Standard Oil fame refused to fund some paths of the electrification of the USA because he would not be able to meter out the electricity . . . if it could not be monetized he simply had no interest and would actively support and invest in an opposing path towards monetization of electricity generation/distribution.

        This is the stark reality that Rossi faces and must work with. Certainly, IH/Darden’s apparent goal of misappropriating Rossi’s technology hearkens back to the Italian Garbage Mafia putting Rossi behind bars . . . the grasping aspect of our archetypal nature has not been extinguished by the discovery of LENR. And Rossi now must be extra careful.

    • sam

      The $89 million has always been the problem.T.D. Probably realized that soon after agreeing to it.
      Like in why did I say I would say I would
      pay that much for something that might
      not work.A.R. should have also seen
      that this was a poor agreement also.

    • Gerard McEk

      Maybe Darden did not have the money available. For that reason he went to other investors like Woodward. Possibly he wasn’t able to collect the full 89M$, so he had no other route than blaming AR it didn’t work…. But you can think of thousands of other reasons. I like the one of Ophelia, below too.
      Maybe time will tell.

      • Omega Z

        T.D. doesn’t have the $89M…

        I came across Cherokee’s income a while back and though I don’t remember the amount, I do remember it was a very paltry sum. It would require years to accumulate $89M and in the meantime, There investors would have to forfeit any and all dividends all those years.

        Raising funds for a controversial technology such as LENR is also not easy without a market ready proven beyond doubt product.

    • Brent Buckner

      IIRC IH has stated that they could not make and successfully operate an e-cat without Rossi/LC’s involvement after the initial transfer of e-cat IP. If that is the case then IH may see not paying $90million as either not throwing good money after bad or attempting to lever more disclosure from Rossi/LC.

  • Alan DeAngelis
  • f sedei

    Are governmental forces involved in this seemingly ridiculous court case in an effort to squelch or delay implementation of LENR to the public? LENR could have a real deleterious impact upon the many fossil fuel nations.

    • we want LENR Fusione Fredda

      Will they allow LENR to happen?

      • cashmemorz

        Since the mainstream does not accept the feasibility of cold fusion/LENR, then they have, according to themselves, nothing to fear. And therefore they have no need to do anything about “holding back” a technology that they “know” does not work. Those who accept the tech as feasible are the ones having fear of being proven wrong. Who is actually in the right will have to wait a few more months or years until a demo or in use devise is shown to work to everyones satisfaction.

        • Elvis Concept

          It seems apparent that there is no such thing as mainstream media anymore. Recent research suggests that most people get their “news” from rumors on Facebook or other social media, and that made-up imaginary news is treated with the same respect as researched and confirmed news. So, for those waiting for LENR to be embraced by some kind of respected mainstream media, well this will never happen. It would seem that Andrea may be correct when he asserts that the only proof people will accept is the proof of the effect of the machine on their own wallet.

  • Barbierir

    The unanswered question are why did they bother to bring Woodford to a visit if they had serious concerns about the Ecat since the beginning? And what Darden really told to them?

  • georgehants

    With thanks to Jed Rothwell via Vortex Scientific American prints C&EN report.
    Cold Fusion Lives On, with Experiments Creating Energy When None Should Exist
    The field, now called low-energy nuclear reactions, may have legit results—or be stubborn junk science

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