03 Mar 2010
LG advises Marine Current Turbines Limited on new funding from Siemens
International business law firm Lawrence Graham LLP ("LG") has advised Marine Current Turbines Limited ("MCT") - one of the technology leaders in ocean power - on a £4.8 million round of investment from global engineering firm, Siemens Plc ('Siemens'), the Carbon Trust, High Tide Worldwide BV and other private investors.
This latest funding round follows an investment round at the end of last year which LG also advised on and brings the total new funds for MCT over the past few months to £8.5 million.
The new funding will help MCT to realise its plans for the UK's first commercial tidal energy farm in UK waters within the next two years.
Corporate partner Karima Hudson led the LG team advising MCT, with assistance from Neil Calder.
Karima said: "We are delighted to have acted for MCT on another successful round of fundraising. The funds raised will allow MCT to further develop its cutting edge renewable energy technologies."
Martin Wright, Managing Director of MCT, said: "Our thanks once again go to Karima and her colleagues at LG who have done another excellent job for the company. Siemens' investment in MCT underlines the significant commercial potential that exists for tidal energy across the globe, and we are delighted to have them on board. Siemens has an outstanding international reputation and their involvement will help us develop our technology and deliver tidal energy on a commercial basis."
Notes to editors:
- LG's corporate team provides premium quality advice on IPOs, secondary capital issues, takeovers, re-organisations, mergers & acquisitions, corporate tax and other corporate transactions
- LG has a long established presence in the UK and international natural resources industry with a team of experienced natural resources lawyers who can advise on a wide variety of matters. We work with clients in the mining & minerals, oil & gas, power, renewable energy, cleantech and commodities sectors as well as related services businesses