Climate Change Capital Private Equity, the €200 million fund dedicated to investments in clean technology companies, has led a convertible bond issue in Metallkraft, the Norwegian company that developed a patented process to recycle spent slurry used in cutting solar silicon wafers.
CPE subscribed for NOK85 million (€10.3 million) of the NOK140 million (€17.0 million) total convertible bond issue alongside existing shareholders and other investors. The convertible bonds have a 12% coupon per annum and a three-year term.
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Metallkraft will use the proceeds from the convertible bond issue to support its new plant in Singapore, which will service the 740MW wafer plant being commissioned by REC.
Simon Drury, a CPE partner said, “In addition to the environmental benefits of its solution, Metallkraft is able to dramatically reduce the slurry costs, providing solar wafer manufacturers with a decisive competitive edge in a fast moving solar industry continuously striving to reduce the overall cost of solar energy.”
Metallkraft’s CEO, Gunnar Kulia said, “The management team of Metallkraft warmly welcome CPE as a key stakeholder in our company. CPE’s due diligence process led to a positive result and our discussions during the process were detailed, professional and very constructive. I am convinced that CPE’s active participation on Metallkraft’s Board will contribute significantly to our development.