Mills & Reeve has acted for the venture capital fund, Low Carbon Innovation Fund (LCIF), on a series of investments totalling approximately £12.5 million in just nine months and helped launch LCIF’s Smaller Investment Scheme.
LCIF is operated by theUniversityofEast Angliaand supported by the European Regional Development Fund. The fund makes early stage investments into small and medium-sized businesses (SMEs) in the East of England that are developing low carbon processes and products. So far this year, LCIF has completed a series of investments in low carbon companies, raising an aggregate of almost £12.5 million in SMEs in the region.
In addition to its Main Fund, LCIF has introduced its Smaller Investments Scheme (SIS) for investments between £25k-£75k. Companies seeking investment through the SIS must meet the same investment criteria as those seeking investment through the Main Fund, but SIS has a streamlined review process during the application stage to make these investments quicker and these investments typically take the form of convertible loan notes, rather than equity.
The latest round of funding under the Main Fund will assist:
- iSotera Limited in the development of its intelligent LED lighting system, which is both energy efficient and faster, cheaper and safer for contractors to install.
- Syrinix Limited in the development of its water infrastructure monitoring technology. Syrinix’s technology helps its clients to plan, operate, maintain and manage pipeline networks more efficiently, while also reducing catastrophic failures and improving durability.
- GT Energy, a geothermal energy project company which identifies, plans, develops, builds, finances and operates geothermal heat generation plants.
- Bactest, a company which has developed a bacterial respirometer, which is used to incubate bacteria and detect and measure biological activity and contamination in liquids.
- Weeding Technologies, which designs and manufactures innovative sustainable weed control products for the agricultural market using thermal vegetation control technology.
- Anvil Semiconductors in the development of its unique technology to enable the production of Silicon Carbide power switches at a similar cost to conventional silicon – significantly reducing the amount of electricity lost in power conversion.
- Push Energy, which develops solar energy farms and works with landowners, local stakeholders, planners and power networks to supply renewable green power into the grid for local use.
- AMiHo Technology, which specialises in wireless control for smart energy management applications.
- Green Energy Options in the design and production of in-home energy displays, online energy services and mobile applications, which aim to put the customer in control of their energy usage, home appliances and budget.
The Mills & Reeve venture capital team is nationally renowned for its specialist experience and expertise in advising and assisting on complex syndicated investments in early and developing high-tech businesses. Led by corporate finance partner, Zickie Lim, assisted by solicitor Pippa Pearce, the team has been working closely with LCIF since its launch in 2010 and has advised the fund on investments and follow-on investments in 20 of its portfolio companies
Kevin Murphy of Turquoise International, fund manager for LCIF, said: “LCIF have continued to be busy throughout 2013 and the hard work of the team at Mills & Reeve has been crucial in securing LCIF’s investment in so many innovative companies. Mills & Reeve’s expertise in the early stage investment field has been invaluable in bringing these transactions to a successful close.”
Zickie Lim, said: “we have been delighted to continue to work with LCIF and support the investments LCIF makes in SMEs with innovative and energy efficient technologies. VC funds, such as LCIF, play a key role in the development of these companies, as well as boosting our region’s economy.”
Angela Macdonald of UEA’s Adapt Low Carbon Group, said “The Adapt Group is really pleased by the performance of LCIF, currently the group’s largest VC fund. Recent developments with the fund, such as the introduction of the Smaller Investment Scheme, will further raise its profile and contribution to low carbon economic development in the East of England.”
________________________________________