Thanks to pg for finding this from the Woodford Equity Income Fund website. This British investment fund (publicly traded) which has invested in Industrial Heat. Tom Darden said in his recent interview with Fortune magazine that Woodford Investment Management had made a “much larger investment” into Industrial Heat than Cherokee Investment Partners’ own $10 million investment.
Someone on the Woodford funds’ website posted that they were very unhappy to see the fund investing 1.72% of the fund invested into industrial heat because cold fusion appeared to violate the laws of known physics. Paul Farrow of Woodford responded:
PAUL FARROW says:
August 18, 2015 at 9:19 pm
Many thanks for your comment and we’d like to reassure you that we do follow a thorough due diligence process for all our investments, irrespective of their size or the fund they are invested in.
With regard to Industrial Heat, we were, and have been, very aware of the scepticism about this technology. We have undertaken a rigorous due diligence process that has taken two and half years. The company is currently working with numerous scientists and is acquiring both the technology and teams required to maximise the potential of this, and other, new energy technologies.
The company recently said that it is willing to invest time and resources to see if this technology might be an area of useful research in its quest to eliminate pollution. We share this quest for what we believe will be a significant development and exploitation of new energy sources.
So it sounds like Woodford Investment Management have done some serious homework on Industrial Heat and have found that they like what they see. It’s interesting to read from this comment that IH is looking at other new energy sources — this would be in addition to Rossi’s E-Cat — which is something Tom Darden has said they are doing.
UPDATE: The LENR discussion we are so used to seeing has now moved over to the Woodford Capital Management site, with familiar names commenting, and some Woodford personnel responding. Here are a couple of exchanges.
ALAINCO (@ALAIN_CO) says:
September 29, 2015 at 10:03 pm
Can you publish some results of your due diligence on Industrial Heat?
MITCHELL FRASER-JONES says:
September 30, 2015 at 9:34 am
It would be inappropriate for us to share our due diligence, but please be reassured that this investment is the result of a long and rigorous process.
MARY YUGO says:
September 30, 2015 at 7:50 pm
Perhaps you could explain why it is inappropriate to share, at least in general terms, your two and half year process of due diligence.
MITCHELL FRASER-JONES says:
October 1, 2015 at 6:35 am
@Mary Yugo: We are keen on transparency and already disclose significantly more than our peers. We draw the line at revealing our proprietary research and due diligence on any stock we invest in, however.
More https://woodfordfunds.com/focus-on-long-term/#comment-6294″>here (scroll down)