Applied Superconductor Ltd (United Kingdom) - Dec 2007

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01 December 2007

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In a first round of funding, NorthStar Equity Investors (NSEI) has led an investment of £1.4m into Applied Superconductors Ltd (ASL), a company which is developing the world’s first commercially viable superconducting fault current limiters (SFCLs). NSEI was joined in the financing by NEL Fund Managers and Austrian fund New Energy, with all participating investors providing around a third of the equity. The new capital will be used in the commercialisation of the new product and to help fund three pilot trials that are currently underway in the UK, which have received additional financial backing from major distribution operators. NSEI expects there to be a further round of funding to support the business within the next 12 months. NSEI previously backed ASL in 2005, investing £60,000 from its Proof of Concept Fund in the form of a convertible loan.

Company

The new SFCLs being developed by ASL are designed to reduce surges caused by short circuits by regulating current flow, which improves the safety and stability of electricity networks. They have global applications for connecting the increasing number of alternative energy sources to distribution networks, as well as in heavily loaded industrial sites and areas such as Eastern Europe, where old networks have to cope with a growing load. Blyth-based ASL was established in 2004 and currently employs four full-time staff.

People

Alex Buchan and Nick Edgar led the investment for NSEI and NEL respectively. Alan Laird, who has extensive industry experience, has been appointed the investor nominee to the ASL board. David Klaus and Herbert Piereder are the co-founders of the company.

Advisers

Company - Eversheds, (Legal)Company - McInnes Corporate Finance, Chris Appleby (Corporate Finance)Equity - Ward Hadaway, Duncan Reid, Richard Buttsford (Legal)

Sourced from: UK & Ireland unquote" 359 (Dec 2007)