Regarding Slowdive/ambient related bands to check out, I'd like to follow up an earlier comment about The Ecstasy of St. Theresa.

They have an EP of BBC sessions entitled "Fluidtrance Centauri" from 1993 on which they combine the sound of "A Man Called Sun" era Verve with the lush beauty of Slowdive. The aforementioned "Free-D(original soundtrack)" LP from 1994 delves much deeper into electronic/ambient/soundscape territory and makes for wonderful background listening. "AstralVista" EP, also from 1994, is an attempt to remix tracks from "Free-D" into a more ambient/techno vein with varying degrees of success. However, noteable artists contributing remixes are Disco Inferno; worth a look themselves on the LP "D.I. Go Pop".

Aside from this info, I know next to nothing about this band... While in Prague last April I spied a recent tour poster for an Ecstasy of St. Theresa/Laika gig (Laika owe them plenty), so there's hope that they're still active as a band. Anybody in Europe know where they're hiding?

related:

The Ecstasy of St. Theresa/Fluidtrance Centauri EP/Free Records (up there with the 1st Verve EP & Glider/Tremelo/Loveless in my opinion) Cocteau Twins/Otherness EP/... (remixed entirely by Seefeel's Mark Clifford; recalls textures of Slowdive's "5ep")

3rd Eye Foundation/Semtex LP/Linda's Strange Vacation (the one to own; combines lo-fi FSA/MBV guitar wash with jungle beats and dreamy ambient textures... later records by this artist tend toward cold/dark/abrasive drum n' bass)

I'd also like to add another band to the growing list of non-ambient reccommendations floating about:

Swoon 23 (based out of Portland, OR) have an outstanding 2nd LP entitled "The Legendary Ether Pony" (on Tim/Kerr Records) which seamlessly blends sounds ranging from Mojave 3 to early Opal/Mazzy Star (minus guitar solos) with great effect. They even contribute a lovely cover of Jessamine's "Cellophane" to boot... (which is to say you should check out Jessamine as well if you haven't already). This is not to say they emulate Slowdive to any notable degree, but if you suspect you would enjoy a dynamic & dreamy guitar record merging the ethereal with the abrasive, this is definitely worth your time...

related:

Swoon 23/The Legendary Ether Pony/TimKerr Records Jessamine/self titled/Kranky (a good record to start with...) Kendra Smith/The Guild of Temporal Adventurers/Fiasco (post-Opal psychadelia w/harmonium)

Hash Jar Tempo/Well Oiled/Drunken Fish (Bardo Pond join NZ's Roy Montgomery for 70 minutes of instrumental guitar bliss)

Bark Psychosis/Game Over/3rd Stone Records(collection of pre-Hex singles, etc. wonderful!)

Best wishes.