Druces’ team acted for technology company Cool Planet Technologies Limited (CPT), on their Series A funding round which closed with a capital raise of €3m from three blue chip sustainable investors (Eni Next, Audacy Ventures and Neva SGR).
CPT is a sustainable technology company focused on affordable carbon dioxide capture. The capital raised from this funding round will be used to develop the demonstration plant of CPT’s PolyActive™ membrane-based carbon capture technology at Holcim’s Höver cement works, near Hamburg in Germany.
The demonstration plant is expected to commence operations in late 2023, where the PolyActive technology aims to help capture between 6,000-16,000 tonnes of CO2, a number the company plans to significantly increase year on year with future development and capital raises.
How our team helped
Members of Druces’ Corporate & Commercial team, Antony Cotton (Partner) and Kajal Sachania (Associate) assisted CPT by going through the entire due diligence process, drafting investment documentation and providing guidance on tax and employment matters. The team also helped negotiate agreements and articles to ensure CPT and its founders were positioned effectively to secure future funding as the business grows.
Paul McGoldrick, General Counsel at Cool Planet Technologies Limited, said:
“We were delighted to have the Druces team on board. Their cool heads and pragmatic approach were invaluable in framing and negotiating the funding documentation, and we look forward to working with them as Cool Planet’s business develops and expands.”
Antony Cotton, Druces’ Banking & Financial Services Partner, commented:
“I’m delighted to have been able to support Cool Planet Technologies in securing funding on this project, which has the potential to play a pivotal role in progressing decarbonisation efforts and tackling the climate change crisis. With CPT now having support from three likeminded investment partners, we look forward to seeing their ambitious plans brought to life and potentially working on future funding rounds with the company.”
How we can help
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