Three European fund managers, Impax Asset Management, BeCapital and the European Bank for Reconstruction and Development closed cleantech-focused funds in the past week. The complete highlights are as follows:
Venture capital and private equity investments
- UK-based Aquamarine Power, a developer of hydro-electric wave energy converters, raised £7 million (~$11 million) from ABB Technology Ventures, Scottish and Southern Energy and Scottish Enterprise in a recent equity financing round.
- UK-based Plaxica, a developer of second generation PLA polymers, secured £5 million (~$7.8 million) from Imperial Innovations, Invesco Perpetual and NESTA in Series B round of financing. The proceeds will be used for further product development.
- UK-based Chargemaster, a developer of electric car charging point products, raised £2.7 million (~$4.1 million) in an equity financing round led by Braveheart Ventures. The proceeds will be used for the rollout of Chargemaster’s Polar network charging system.
Funds
- Environmental investment group Impax Asset Management closed its second private equity fund, Impax New Energy Investors II, on €330m (~$450 million). The firm also said that the fund will primarily focus on the renewable energy sector.
- European private equity firm BeCapital raised €150 million (~$205 million) for its first fund which will focus on expansion capital investments in cleantech companies. The fund closed well above the €100 million initial target.
- The European Bank for Reconstruction and Development (EBRD) announced that it will commit €60 million (~$82 million) to progress energy efficiency efforts in Romania. The funds will be channeled through local financial intermediaries, including banks and leasing companies.
Mergers and acquisitions
- Israeli infrastructure company Shikun u’Binui Holdings announced the signing of memorandum of understanding to acquire Israel-based Paz Solar, a provider of small and medium sized photovoltaic systems on commercial, agricultural, industrial and private properties.
Other transactions and activities
- Belgium-based EnerSys, a provider of stored energy systems and services, announced that it has entered into a definitive agreement to launch a joint venture with Lithium Technology Corporation’s German subsidiary to produce large format lithium-ion battery cells.