Cella Energy Ltd:
July 2010: CoreTec was approached by Dr. Stephen Voller from the UK Government’s Science & Technology Facilities Council (www.stfc.ac.uk) or STFC. STFC owns and operates all of the UK government’s science and technology assets and supports and funds science & technology in a broad cross-section of the UK research community.
Dr. Voller, a technology entrepreneur and Mentor in Residence at STFC, contacted Simon Robeson, Partner and Founder of CoreTec to request assistance in the raising of $550,000. The funds were to be used to create a spin-out vehicle from STFC that would own exclusive world-wide rights to a patented technology for the safe storage and release of hydrogen at normal atmospheric pressure, a technology of potentially global significance.
On completion of his own due-diligence processes, Simon Robeson (CoreTec) introduced Dr. Voller to a potential investor; the multinational chemical manufacturing company Thomas Swan & Co. Ltd (www.thomas-swan.co.uk).Thomas Swan conducted its own due-diligence and deal negotiation process which resulted in their $550,000 investment into the newly formed Cella Energy Ltd (www.cellaenergy.com).
Feb 2011: Dr. Voller, now CEO of Cella Energy, retained CoreTec to raise a further $2.5m towards Cella’s technology development programme.
July 2011: CoreTec confirmed to Cella Energy that it had raised the required $2.5m. Subscribers included NASA (Space Florida) with a US$1m investment and a number of other strategic investors introduced by Simon Robeson of CoreTec.
The above processes, from the calibre of the introduction to the quality of the technology and the successful completion of 2 separate financial transactions in a 14month period aptly demonstrates the strength of Core Technology Venture’s governmental, industrial, technical, financial networks and capabilities plus the quality of its deal flow.
Furthermore, in the course of raising these funds for Cella, CoreTec originated commercial supply and collaboration agreements for Cella with a number of major industrial potential customers from the aerospace, defence, battery and industrial gasses industries.
CoreTec also identified a non-Executive Chairman for Cella Energy Ltd, the former industrialist and Chairman of merchant back Standard Chartered, Bryan Sanderson, CBE.
ACAL Energy Limited
Simon Robeson was contacted by The Carbon Trust to assess ACAL’s positioning in the emergent clean energy supply chain as part of its investment due-diligence process.
CoreTec performed its own industry due-diligence process on ACAL which led to CoreTec recommending to The Carbon Trust that it make an investment.
ACAL subsequently approached CoreTec and asked it to act as its industry expert and investment advisor for a £1.6m fundraising.
ACAL Energy Ltd retained CoreTec for the duration of its £1.6m fundraising.
CoreTec provided the following sector specialist support:
- It advised ACAL on the production of a suitable investor presentation & executive summary based on an appropriate business plan.
- It introduced ACAL to its corporate & financial networks which included large corporates investment arms within its networks.
- It reviewed documents that were sent to potential investors throughout the process.
- It made introductions to both SME and large corporate fuel cell technology developers that have an interest in forming developmental collaborations.
- In the role of sector specialist it arranged and attended all investor presentations, a number of which were to CoreTec’s contacts outside the UK
- It gave ACAL strategic advice with regards to potential investors
- It provided strategic advice on and introductions to potential non-execs
- It gave sector expert testimony to all of the above and to the technical & commercial due-diligence firm that was hired to produce a report for investors.
The company received £1.6million from a consortium including The Carbon Trust, Rising Stars Growth Fund, NorthStar Equity Investors and Synergis Technologies.