Field Fisher Waterhouse advises on £5 million venture capital investment in Cleantech 100 company
16 January 2009
Field Fisher Waterhouse LLP has advised 2K Manufacturing Ltd
(2K), one of the Guardian’s CleanTech 100 Companies in 2008, on a
multi-stage funding agreement with Foresight Group (Foresight), a
leading environmental investor, to support a multi-site rollout of
plastics recycling facilities.
2K is to commence the manufacture of an environmentally friendly
plywood substitute board for the construction industry. The initial
£5 million investment will fund the opening of the first facility
this year and the agreement with Foresight provides a framework for
further investment to support future expansion.
2K’s award-winning “EcoSheet” is made from recycled waste
plastics otherwise headed for landfill and is itself entirely
recyclable. Ecosheet offers substantial environmental, commercial
and operational benefits for its users, with the construction and
signage industries being the main target markets. A licensing
arrangement for the ground-breaking Powder Impression Moulding
(PIM) technology, a patented process owned by ERT plc, gives 2K
exclusive rights to manufacture and sell these products within the
EU, as well as the first option over other main territories.
Field Fisher Waterhouse corporate
partner Neil Foster led on the deal and
was assisted by solicitors Owen Oliver and Tom Ward. IP partner David Bond
advised on the IP licensing arrangements.
The 2K deal is the first venture capital deal to be closed by
Field Fisher Waterhouse’s Corporate team
in 2009, having closed 13 venture capital deals in 2008. The firm
has a strong client base in the green and sustainable sector. The
firm advised G24 Innovations, manufacturer of next-generation solar
cells, on the $50m investment by 4rae and Morgan Stanley. The deal
was one of the leading European venture capital transactions in the
cleantech sector in 2008.
Neil Foster said: “This deal
demonstrates that there remains an appetite for venture investment
in strong cleantech businesses like 2K. We are advising an
increasing number of cleantech clients, and our venture capital
team, and the firm as a whole, is building considerable expertise
in this sector.”
Omer Kutluoglu, CEO of 2K, said: “The advice and support given
by Neil and his team at Field Fisher Waterhouse has been
exceptional, in both a legal and commercial sense. They have shown
extraordinary diligence and commitment in helping 2K to complete
the investment and we look forward to working with them again in
future.”
Foresight was advised by Martineau (Kavita Patel). Phoenix
Corporate Finance Partners LLP acted as financial adviser to 2K
Manufacturing.
For further press information, please
contact:
Louise Eckersley, PR Manager,
Field Fisher Waterhouse LLP on 020 7861 4120.