FFW advises new client G24 Innovations on new solar technology start-up
31 October 2006
Field Fisher Waterhouse LLP (FFW) has advised new client G24
Innovations (G24i) on its first round venture capital financing and
the acquisition of technology and intellectual property. G24i
is a new company that will be the first globally to manufacture a
revolutionary new solar power technology on a commercial scale.
In what is believed to be one of the biggest start-ups in Europe
this year, a major investment will see G24i manufacture solar cells
from a new factory in South Wales, creating up to 300 jobs in the
area by 2008.
The dye sensitised solar cells are one of the latest, lightest,
most efficient and least costly solar technologies in the
world. The new cells will have potential application in a
wide range of products, with the initial market expected to be for
gadgets like mobile phones and MP3 players, which by incorporating
the new technology will never run out of power. G24i will
also manufacture smart textiles where the solar cells are
incorporated into fabrics.
In addition to manufacturing the cells the factory also aims to
be the first facility ever to produce its products relying
exclusively on solar, wind, geothermal and other green sources to
meet its own energy needs.
FFW corporate partner
Anthony
Brockbank leads the G24i team at FFW. The venture capital
financing and IP acquisition were led by corporate partner Neil Foster, with
assistance from senior solicitor Laurence Lumb. The firm
advised on the funding of the new venture and the acquisition of
the technology and intellectual
property through patent
licences. In addition, real estate partner Mark
Sellers advised on property issues, advising G24i on locating at a
factory in Wentloog Industrial Estate in Cardiff. The site is
currently owned by the National Assembly for Wales.
Winning G24i as a client reflects the Corporate Group’s
expertise in the technology and renewable energy sectors, as well
as the firm’s highly-rated technology and patents
teams.
Anthony
Brockbank said “FFW has a reputation for working with cutting
edge TMT clients and we are delighted to have begun working with
G24i, a company that is leading the way in the renewable energy
field.”
The IP vendor, Konarka, was advised by Sullivan & Worcester
LLP (Boston, Massachusetts office). The funder, Renewable
Capital, was advised by Kirkpatrick & Lockhart (Los Angeles
office).
For further press information please contact:
Ben Girdlestone, Communications Manager on +44 (0)20 7861
4968
Louise Eckersley, PR Executive on +44 (0)20 7861 4120