Companies )Climate Change Capital Invests €10 million in Metallkraft AS |
| Published 04 February 2010 |
| Climate Change Capital Private Equity has led a convertible bond issue in Metallkraft. CPE subscribed for NOK85 million (€10.3 million) of the NOK140 million (€17.0 million) total convertible bond issue alongside existing shareholders and other investors. The convertible bonds have a 12% coupon per annum and a three year term. With plants already operational in Norway and China, Metallkraft will use the proceeds from the convertible bond issue to support its new plant in Singapore which will service the 740 MW wafer plant being commissioned by Renewable Energy Corporation (“REC”), part of the world’s largest integrated solar plant, and future expansion plans in China. Metallkraft has developed a unique and proprietary advanced mechanical process able to recover 100% of spent slurry used in the solar silicon wafer cutting process. Metallkraft’s solution involves no added chemicals, no waste streams and has a low energy consumption. Simon Drury, a CPE Partner, said: “In addition to the environmental benefits of its solution, Metallkraft is able to dramatically reduce the slurry costs, providing solar wafer manufacturers with a decisive competitive edge in a fast moving solar industry continuously striving to reduce the overall cost of solar energy.” "Metallkraft is a perfect fit for CPE’s investment strategy. We firmly believe that Metallkraft’s management team is one of the best we have seen and in my experience this is the most important investment factor to get right” he added. In relation to CPE’s investment, Simon Drury will take a seat on Metallkraft’s Board of Directors. Metallkraft’s CEO, Gunnar Kulia, said: “The management team of Metallkraft warmly welcome CPE as a key stakeholder in our company. CPE’s due diligence process led to a positive result and our discussions during the process were detailed, professional and very constructive. I am convinced that CPE’s active participation on Metallkraft’s Board will contribute significantly to our development.” SEB Enskilda acted as financial advisers to Metallkraft. |
| Source: Metallkraft |
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