The industrial holding company has paid $14.4m for an initial stake of 17% that it has the option to increase to 25% in future.

Industrial holding company HC2 Holdings agreed on Monday to invest up to $23.7m in US-based wireless technology developer Novatel Wireless.

The funding consists of an upfront cash payment of $14.4m in return for a 17% share in Novatel Wireless, and an additional $9.3m in warrants that can be converted to cash at a later date, which would boost its stake to 25%.

Founded in 1996, Novatel Wireless went public in 2000. The share price of the wireless broadband technology company…

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