Mills & Reeve has helped pioneering clean technology company GenDrive Limited successfully close a fundraising deal for an undisclosed amount with a syndicate of business angel investors.
Cambridge-based GenDrive, recognised as one of the country's future leaders in energy, has developed an inverter which can connect any type of renewable energy device to the electricity network.
The innovative device, TOTUS, can be reconfigured automatically for connection to a wide range of renewable energy devices, such as wind turbines and solar panels.
Mills & Reeve partner Zickie Lim, who led the legal team, said: "We are thrilled to have assisted GenDrive in securing this important investment which will enable it to scale up its technology and business.
"Fundraising is tough right now for companies at this stage of their development as investors tend to prefer something that is closer to market, but Clean Tech is one of the more attractive options for investment.
"GenDrive was recently profiled in Angel News, the commercial news service for the investment market, as one of eight companies they felt to be ‘Future Leaders in Energy' which makes it particularly interesting."
GenDrive's pioneering range of "Plug & Play" grid-connected inverters helped its entry to the Carbon Trust Incubator Scheme which accelerates the commercialisation of promising low-carbon businesses.
TTP plc, one of the technology partners to the scheme, also worked with the business to help it prepare for its investment round. Mills & Reeve is the only legal partner to the scheme and were appointed in 2008.
"Our track record of working in the clean technology sector, including with early-stage businesses, means that we are a great fit for The Carbon Trust Incubator Scheme and their technology partners," said Zickie.
"The scheme is important in the effort to ensure there is rapid take-up of viable low-carbon technologies which will be vital to accelerate the country's move towards a low carbon economy."
Co-founder Damyn Musgrave said: "Starting a successful business is difficult in the current climate, but possible if you get the right support at the right time.
"Mills & Reeve's breadth of knowledge and experience in helping early stage technology businesses secure equity funding was essential to ensure the investment round was completed smoothly and efficiently."
The team at Mills & Reeve also included corporate solicitor, Pippa Pearce, technology and commerce solicitor, Nicola Kenward, and tax associate, Deborah Clark.