Atraverda (United Kingdom) - Nov 2007

unquote
01 November 2007

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Denmark-based BankInvest New Energy Solutions and Portugal-based Espirito Santo Ventures have co-led a £10.4 series-B financing round for advanced materials company Atraverda Ltd. The round also included contributions from existing UK investors Scottish Equity Partners (SEP), Chord Capital and Finance Wales and US-based EnerTech Capital and OnPoint Technologies. The new capital will be used to continue the organic expansion of the business, particularly through development of the infrastructure to support the company’s on-going geographic growth throughout Europe, the US and Asia. Atravera operated a limited pitch process to secure the new investment. SEP led the £4m two part series-A funding round, investing a total of £1.6m across 2004 and 2005 to take a minority stake in the business (24 January 2005, page 15). Following this latest investment SEP has taken its equity holding to 15.5%, making it the largest institutional investor.

Company

Atraverda is developing a range of specialist products based on its versatile proprietary technology Ebonex®, an electrically conductive ceramic. Ebonex is a titanium suboxide material with a combination of metallic-like electrical conductivity and the characteristic high corrosion resistance of Ceramics. Its primary application is a bi-polar lead acid battery product that is smaller, lighter, longer lasting and more powerful than conventional lead acid technology as well as employing less lead, all of which means it has significant cost reduction and environmental benefits. The technology also has further applications in water and effluent treatment and the cathodic protection of concrete. Established in 1990 the business has expanded significantly in the past 12 months, with its products currently undergoing testing with major battery manufacturers in the US, India and Ukraine. The company recently relocated from Mansfield to Gwent, South Wales and employs 24 staff.

People

Poul Erik Schou-Pederson and Joaquim Servulo Rodrigues led the deal for BankInvest and Espirito Santos respectively and both will join the Atraverda board. David Sneddon represented SEP.

Advisers

Company - Eversheds, Iwan Walker, Paul Lowe (Legal)Equity - Maclay Murray & Spens, John Harding (Legal)

Sourced from: UK & Ireland unquote" 357 (Nov 2007)