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Intel Agrees to Sell Minority Stake in IMS Nanofabrication Business to Bain Capital

BainCapital

Intel Agrees to Sell Minority Stake in IMS Nanofabrication Business to Bain Capital

Transaction will accelerate innovation of critical multi-beam mask writing tools, foster deeper cross-industry collaboration

 

NEWS HIGHLIGHTS

  • Transaction will accelerate innovation of critical multi-beam mask writing tools and foster deeper cross-industry collaboration.
  • Multi-beam mask writing tools are critical to the semiconductor ecosystem for creating EUV technology.
  • Sale of approximately 20% stake values IMS at approximately $4.3 billion.

SANTA CLARA, Calif., and BOSTON, June 21, 2023 – Intel Corporation today announced that it has agreed to sell an approximately 20% stake in its IMS Nanofabrication GmbH (“IMS”) business to Bain Capital Special Situations (“Bain Capital”), in a transaction that values IMS at approximately $4.3 billion. The transaction is expected to close in the third quarter of 2023. IMS will operate as a standalone subsidiary and will continue to be led by CEO Dr. Elmar Platzgummer.

 

Since inventing multi e-beam technology and introducing the first commercial multi-beam mask writer in 2015, Vienna, Austria-based IMS has been an industry leader in multi-beam mask writing for advanced technology nodes. Intel initially invested in IMS in 2009 and ultimately acquired the business in 2015. Since the acquisition, IMS has delivered a significant return on investment, growing its workforce and production capacity by four times and delivering three additional product generations.

 

Today, as EUV technology becomes broadly adopted in leading-edge technologies, the multi-beam mask writing tools required to create advanced EUV (extreme ultraviolet lithography) masks are increasingly critical components to the semiconductor manufacturing ecosystem. This investment will position IMS to capture the significant market opportunity for multi-beam mask writing tools by accelerating innovation and enabling deeper cross-industry collaboration.

 

“The advancement of lithography is critical to driving continued progress in the semiconductor industry, and mask writing plays a central role in the industry’s transition to new patterning technologies, such as high-NA EUV,” said Matt Poirier, senior vice president of Corporate Development at Intel. “Bain Capital’s investment and partnership will provide IMS with increased independence and bring strategic perspective to help accelerate the next phase of lithography technology innovation, ultimately benefitting the ecosystem as a whole.”

 

Platzgummer said, “We are pleased to gain a valuable partner in Bain Capital, which has a long history of partnering with companies to drive growth and value creation. They share our conviction in the meaningful opportunity ahead for IMS as EUV becomes more pervasive and high-NA EUV moves from development into high-volume manufacturing in the second half of the decade. We look forward to expanding our ability to support the world’s largest chip producers, who rely on our technology to produce current and next generations of semiconductor products.”

 

Marvin Larbi-Yeboa, a partner at Bain Capital, said, “As the global leader and innovator of emerging technologies in the semiconductor fabrication and nanotech industries, we believe IMS is well-positioned to capitalize on attractive secular tailwinds as additional chip production capacity comes online and build on its leading competitive position, tech differentiation and cutting-edge product capabilities.”

 

Will Tetler, a managing director at Bain Capital, added, “We look forward to partnering with IMS’ exceptional management team and Intel to employ our deep industry experience and value-creation capabilities to support the business’ long-term growth strategy through further investment in its leading-edge tech and product portfolio to enable IMS to extend its competitive market position.”

 

Forward Looking Statements

This press release contains forward looking statements regarding the planned investment by Bain Capital Special Situations (“Bain Capital”) in IMS Nanofabrication GmbH (“IMS”), including the timing of closing and possible implications of such investment on the IMS business.  Such forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including:  the risk that the transaction may not be completed in a timely manner or at all, including as a result of a failure to receive regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction; the risk that the expected benefits of the transaction, including as a result of the increased independence of IMS, may not be realized or that the sale of a minority ownership in IMS may adversely impact the IMS business or Intel; disputes or potential litigation related to the transaction or the ownership, control and operation of the IMS business, including as it relates to Intel; unanticipated costs related to the transaction or the IMS business that may be incurred; risks as to the retention of key IMS personnel and customers; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; changes in demand for semiconductor manufacturing tools; the high level of competition and rapid technological change in the semiconductor industry; and other risks and uncertainties described in Intel’s earnings release dated April 27, 2023, 2022 Annual Report on Form 10-K and other filings with the SEC. All information in this press release reflects Intel management views as of the date hereof unless an earlier date is specified. Intel does not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com. © Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

 

About IMS Nanofabrication

IMS Nanofabrication GmbH, an Austrian business and subsidiary of Intel Corporation, is the global technology leader for multi-beam mask writers. Its customers are the largest chip manufacturers in the world, who rely on its technology to produce current and future chip generations. IMS’ innovative multi-beam writers play a key role in chip manufacturing and provide significant added value to the semiconductor industry. They are continually customized and refined by an interdisciplinary team, in line with the latest market demands. Over the last 10 years, IMS has perfected its electron-based multi-beam technology. The first-generation multi-beam mask writer, MBMW-101, is successfully operating all over the world. The second-generation multi-beam mask writer, MBMW-201, entered the mask writer market in the first quarter of 2019 for the 5nm technology node. And this year, IMS is launching MBMW-301, a fourth-generation multi-beam mask writer that delivers unprecedented performance. Learn more at www.ims.co.at/en/.

 

About Bain Capital Special Situations

Bain Capital Special Situations is a global team of investors who have driven value creation for more than 20 years. Bain Capital Special Situations has $18 billion in assets under management and has invested more than $28 billion since our inception in 2002. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. Across all market cycles, the strategy brings together credit, equity, corporate and real asset expertise to partner where traditional providers cannot. Our dedicated, global team of more than 100 investment and portfolio professionals contribute the local expertise and capabilities that enable these diverse investments. For more information, please visit: https://baincapitalspecialsituations.com/.

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Renta acquires Mylift

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire Mylift Holding AS (“Mylift” or “the Company”). Mylift is a Norwegian general rental company operating in the northern part of Oslo and in Innlandet. Mylift also provides scaffolding services through its subsidiary Mylift & Borud Stillas AS. The Company has eight depots, more than 200 employees and annual revenues of more than NOK 360 million.

The acquisition marks a continuation in Renta’s strategy towards building a nationwide rental network, strengthening Renta’s presence in Oslo and extending the rental network to Innlandet, further north from Oslo. Through this latest addition, Renta will have more than 500 employees across 33 depots in Norway. In addition, the acquisition of Mylift strengthens Renta’s product and service offering, particularly in the site modules product category as well as in scaffolding services. Furthermore, Renta will get access to a broader customer base, especially through Mylift’s customers in the event business and by adding site modules to Renta’s offering in Norway.

Mylift’s customer-centric business model and highly complementary geographic presence and product offering, makes it an excellent fit for Renta. Mylift will continue to serve its customers with the same local approach and high-quality services as before and further benefit from implementing Renta’s cutting edge digital solutions to enhance their services.

The acquisition is expected to be completed following a review and approval by the Norwegian Competition Authority.

Kari Aulasmaa, CEO of Renta Group, said:

“We are thrilled to join forces with Mylift, a profitable and rapidly growing company with a reputation of providing high-quality services. Through the acquisition, Renta makes another step forward in building a fully nationwide coverage in Norway, while at the same time strengthening strategically important product and service areas. Mylift’s complementary presence and offering provides an excellent platform for continued growth for us in Norway. We would like to extend a warm welcome to the Mylift team and look forward to working with them.“

Knut Rindal, CEO of Mylift, said:

“We are genuinely glad to become a part of Renta Group, which adheres to highest operational standards and has ambitious plans for the future. I am convinced that Renta will provide a good home for our employees and that we will be able to further develop our services towards our customers as part of Renta. It was important for us that the chosen strategic partner shares the same values that we have followed in our operations, and I truly believe that Renta is the perfect choice. I am certain that together with Renta we will become even stronger and be able to accelerate growth in the Norwegian rental market.”

Enquiries: ir@renta.com

About Renta Group

Renta Group is a Northern European full-service equipment rental company founded in 2015. Renta has operations in Finland, Sweden, Norway, Denmark, Poland, and the Baltics, with 137 depots and over 1,500 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a supplier of scaffolding and weather-protection services. For more information, please visit www.renta.com

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About Mylift

Mylift Holding AS is a Norwegian general rental company founded in 2010.Through subsidiary Mylift & Borud Stillas AS, Mylift also provides scaffolding services. The company has eight depots and more than 170 employees. For more information, visit https://mylift.no/

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Vendis Capital supports the growth of Meubelzorg

Vendis Capital

Vendis Capital, the consumer sector specialized European private equity fund, invests in Meubelzorg, a direct-to-consumer premium elderly care brand in assistive furniture

Meubelzorg, based in Alkmaar (The Netherlands), is a direct-to-consumer premium elderly care brand in custom-made rise & recline chairs that enables elderly to live longer independently at home. The company was founded in 2017 with the aim of making rise & recline chairs accessible to everyone by testing the chairs at home. Since then, they have delivered considerable growth both in The Netherlands and internationally.

Meubelzorg is the leading premium brand in assistive furniture and is known for its bespoke rise & recline chairs. The company’s consumer centric business model allows for online orientation followed up by at-home or in store testing and full customization to individual wishes and needs. All products are made-to-measure. Building on its success in The Netherlands, the company has successfully rolled out its business model to Belgium.

Vincent Braams, Partner at Vendis Capital: “We are very happy to add Meubelzorg to our portfolio of consumer brands. It presents a fast growing, digital native and direct-to-consumer elderly care brand that accommodates the increasing demand from elderly to live longer comfortably at home. We see growth opportunities in international markets and in other categories that help elderly to live longer in their own home.”

The participation in Meubelzorg represents the seventh investment within Vendis Capital III, the €300 million fund that was launched in 2019.

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PayPal and KKR Announce Exclusive Multi-Year Relationship for European Pay Later Receivables

KKR

KKR to purchase up to €40 billion of eligible current and future PayPal Pay Later loans originated in Europe

PayPal expects to allocate approximately $1 billion to incremental share repurchases this year; updated outlook from approximately $4 billion to approximately $5 billion in total share repurchases in 2023

SAN JOSE, Calif. and NEW YORK, June 20, 2023 /PRNewswire/ — PayPal Holdings, Inc. (NASDAQ: PYPL) and KKR, a leading global investment firm, today announced the signing of an exclusive multi-year agreement for a €3 billion replenishing loan commitment under which private credit funds and accounts managed by KKR will purchase up to €40 billion of buy now, pay later (BNPL) loan receivables originated by PayPal in France, Germany, Italy, Spain, and the United Kingdom. Under the terms of the agreement, KKR’s private credit funds and accounts will acquire substantially all the European BNPL loan portfolio held on PayPal’s balance sheet at the close of the transaction and will also acquire future originations of eligible BNPL loans. PayPal will remain responsible for all customer-facing activities, including underwriting and servicing, associated with its European BNPL products.

While the concept of split installment payments for consumer purchases has been around for decades and online consumer financing has been a strategic offering of PayPal since 2008, BNPL has dramatically increased in popularity over the past several years. Since launching its first BNPL offering in 2020, PayPal has become an industry leader with its PayPal Pay Later products, issuing more than 200 million loans to over 30 million customers in eight markets around the world. In 2022, PayPal processed more than $20 billion of BNPL payment volume globally, up approximately 160% from 2021.

“Buy now, pay later has become a major asset to PayPal’s checkout experience, driving engagement, payment volume growth, and repeat use while delivering high-value customers to our merchants,” said Gabrielle Rabinovitch, senior vice president, acting chief financial officer of PayPal. “Our collaboration with KKR will allow us to accelerate our PayPal Pay Later originations alongside market demand in Europe while preserving free cash flow for other strategic initiatives. This transaction is yet another example of our disciplined approach to capital allocation.”

KKR is funding the transaction through its private credit funds and accounts.

“Having the ability to work exclusively with a scaled and high-quality strategic partner like PayPal is a testament to the strength and maturity of our Asset-Based Finance business,” said Dan Pietrzak, global head of private credit at KKR. “We look forward to growing our relationship further and serving the financing needs of consumers across Europe through this transaction.”

“We are thrilled to deepen our footprint in consumer finance through this transaction and to work with one of the leading players in this space,” said Vaibhav Piplapure, a managing director at KKR. “We believe that PayPal Pay Later offers a differentiated experience that positions PayPal to capture additional share in this growing market.”

Subject to certain conditions, this transaction is expected to close in the second half of 2023. Upon closing, PayPal expects this transaction to initially generate approximately $1.8 billion of proceeds to be used for a combination of increased capital return to shareholders and general corporate purposes. The transaction is already contemplated in PayPal’s full year 2023 guidance for GAAP and non-GAAP earnings per share, and non-GAAP operating margin announced on May 8, 2023. Following closing, PayPal expects to allocate approximately $1 billion to incremental share repurchases in 2023, contributing to an updated outlook of approximately $5 billion in total share repurchases this year.

KKR Capital Markets structured and arranged the debt for the transaction. Morgan Stanley & Co. LLC acted as the financial and structuring advisor to PayPal. Freshfields Bruckhaus Deringer LLP, Pérez-Llorca, and Allen & Overy Luxembourg acted as legal advisors to PayPal. Latham & Watkins LLP served as legal counsel to KKR.

About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering hundreds of millions of consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com.

Forward Looking Statements About PayPal
This announcement contains “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect, among other things PayPal’s expectations regarding the anticipated benefits of this transaction, the timing of the closing of the transaction, and anticipated incremental share repurchases. Forward looking statements may be identified by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “continue,” “strategy,” “future,” “opportunity,” “plan,” “project,” “forecast,” and other similar expressions.

Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made, and, accordingly, readers should not place undue reliance on forward-looking statements and information. Factors that could cause or contribute to such differences include, but are not limited to, the failure to satisfy the conditions to the completion of the transaction and the acquisition of future originations, the possibility that the transaction may not be completed in a timely manner or at all, the reaction of competitors to the transaction, economic and political conditions, including in the relevant markets, the future growth of PayPal’s BNPL business, and the possibility that operationalizing the transaction post-closing may be more difficult than expected.

More information about these and other factors that could adversely affect PayPal’s results of operations, financial condition and prospects or that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in PayPal Holdings, Inc.’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the “SEC”), and its future filings with the SEC.

The forward-looking statements contained in this announcement speak only as of the date hereof.  PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Contacts

Investors

For PayPal:
investorrelations@paypal.com

Media

For PayPal:
Josh Criscoe, Taylor Watson and Sabrina Winter
mediarelations@paypal.com

For KKR:

KKR Americas:
Julia Kosygina
+1 212-750-8300
Media@kkr.com

KKR EMEA:
Annabel Arthur
+44 20 7839 9800
kkrpr-uk@kkr.com

 

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BPEA EQT led consortium to acquire HDFC Credila – India’s largest non-bank education loan specialist, enabling academic studies for the country’s growing young population

eqt
  • BPEA EQT led consortium to acquire HDFC Credila, India’s leading provider of tailored financing solutions for students pursuing academic studies in India and abroad
  • HDFC Credila empowers India’s growing young population by enabling aspiring students to actualize their dreams of a higher education – having helped more than 124,000 youths enroll to 4,100 academic institutions in 59 countries to date
  • The BPEA EQT led consortium also plans to invest INR 20bn primary capital in HDFC Credila to support its next phase of growth and accelerate its digital transformation, while strengthening its footprint in existing markets, leveraging BPEA EQT’s long experience and proven track record in the education sector
  • The investment marks the largest ever private equity buyout transaction in the financial services sector in India

EQT is pleased to announce that BPEA Private Equity Fund VIII (“BPEA EQT”), alongside partner co-investor ChrysCapital have agreed to acquire a 90 percent stake of HDFC Credila (the “Company”) for INR 103.5 billion pre-money valuation from its parent company Housing Development Finance Corporation Ltd. (“HDFC”), which will retain a 9.99 percent stake. HDFC Group is one of India’s leading financial conglomerates with interests in housing finance, banking, life insurance, general insurance, asset management, real estate venture funding, and education loans.

Headquartered in Mumbai, India, HDFC Credila is the country’s first and largest dedicated education loan company, supporting tens of thousands of Indian students every year with tailored financing solutions for undergraduate and postgraduate studies. Since its establishment in 2006, HDFC Credila has helped more than 124,000 students enroll to approximately 4,100 universities and academic institutions across 59 countries globally, primarily in the U.S., Canada, the U.K., and Australia, with a higher focus on STEM courses.

There is a growing demand for quality higher education among India’s expanding middle class, which today makes up approximately a third of the country’s 1.4 billion population. With that demand underserved in India, parents and students increasingly look overseas for higher education, and the outflow of Indian students is expected to grow by around 10 percent annually over the coming years. This trend is also driven by favorable immigration policies in developed countries to solve talent shortage due to an aging population, especially for STEM talent, and demand from international universities to increase diversity.

The BPEA EQT led consortium will infuse INR 20 billion of primary capital in HDFC Credila to support its next phase of growth while maintaining the core focus on funding postgraduate studies for Indian students. BPEA EQT aims to accelerate the Company’s digital transformation, leveraging EQT’s in-house digitalization expertise, solid track record within cyber security and credit underwriting, as well as its proven go-to-market capabilities within banking and loan management.

Moreover, BPEA EQT aims to grow HDFC Credila’s footprint and strengthen partnerships with academic institutions in existing and prospective markets, drawing on its long experience in the education sector, having supported its portfolio company Nord Anglia Education’s expansion across 33 countries over the past 15 years, and recently acquired IMG Academy, a world-leading sports education institution in the U.S.

Jimmy Mahtani, Partner and Head of BPEA EQT India, commented, “The demand in India for obtaining a higher education is growing at a faster pace than ever, accelerated by our country’s growing middle class and students’ strive for better career opportunities. Coming out of HDFC Group, one of India’s most respected and well-established financial conglomerates, HDFC Credila plays a critical part in serving this demand. We have been following HDFC Credila for several years and we are excited to partner with its strong management team led by Arijit Sanyal. We also welcome HDFC Group’s decision to retain a minority stake in the business and we see their continued support as a testament to our vision for the company. Looking ahead, BPEA EQT plans to accelerate HDFC Credila’s digital transformation and invest significantly in the Company’s continued growth.”

Arijit Sanyal, CEO of HDFC Credila, said, “Having established ourselves as the largest NBFC in the education finance sector in India, we are delighted to welcome our new investors BPEA EQT and ChrysCapital. Our association with such marquee investors is expected to fuel the next chapter in HDFC Credila’s journey and enable us to scale new heights. We also welcome HDFC’s decision to retain 9.99 percent stake in the Company and look forward to our continued association. I would like to thank all our stakeholders and employees for their continued support. I am extremely optimistic about our future and look forward to the next steps.”

Kosmo Kalliarekos, Partner and Co-Head of Education within BPEA EQT’s Advisory Team, concluded, ”We all know how important education is to get a good start in life. It goes beyond one’s personal development and career as it helps build a better society for future generations. BPEA EQT is proud to support HDFC Credila on its mission to empower aspiring students to achieve their dreams of academic studies, and it resonates well with EQT’s purpose to make a positive impact through our investments. HDFC Credila marks BPEA EQT’s second education investment this year following IMG Academy and we look forward to contributing with our sector experience and networks to ensure that more youths are given access to a good education.”

BPEA EQT was advised by Arpwood Capital, E&Y (financial, tax, ESG, and technology), Awelin (digital),  and JSA (legal).

With this transaction, BPEA Private Equity Fund VIII is expected to be 25-30 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About BPEA EQT
BPEA EQT is part of EQT, a purpose-driven global investment organization in active ownership strategies. BPEA EQT combines the private equity teams from Baring Private Equity Asia (BPEA) and EQT Asia, creating a comprehensive Asian private equity presence with local teams in eight cities across the region, a 25-year heritage, and more than USD 25 billion of capital deployed since inception. In addition to BPEA EQT, EQT’s strategies in the region include EQT Infrastructure and the real estate division EQT Exeter.

More info: www.eqtgroup.com/private-capital/bpea-eqt
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About HDFC Credila
HDFC Credila Financial Services Limited is a leading, tech-enabled, fast-growing education sector financier in India. Since inception in 2006, HDFC Credila has enabled over 124,000 young aspirants across 59 countries, 4100+ institutes and 2700+ courses to pursue their dreams of higher education in India and overseas. The Company has a proven track record as market and thought leader in the education finance sector.

More info: www.hdfccredila.com

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POLLEN STREET ANNOUNCES £150 MILLION STRUCTURED CREDIT FACILITY WITH ALL-INCLUSIVE ELECTRIC VEHICLE LEASING PROVIDER OCTOPUS ELECTRIC VEHICLES

Pollenstreet

Octopus Electric Vehicles, part of the Octopus Energy Group, has agreed a deal for £150 million of funding from Pollen Street as it continues to offer the best value package for drivers making the switch to an electric car.   

The deal takes Octopus’ total EV funding raised to more than £650 million in just two years. Collectively, these cars will save more than 32,000 tonnes of CO2 per year while on the road  – the equivalent of removing more than 11,500 fossil fuel cars.

The funds will primarily finance Octopus’ flagship EV salary sacrifice offer, which was launched in 2021. Like cycle-to-work but for cars, Octopus’s salary sacrifice helps drivers save 30-40% every month on a brand new electric car. Octopus offers an easy all-in-one service, providing the brand new car, charger and discounted energy tariff.

In the last two years, Octopus has helped more than 3,000 companies launch an electric car employee benefit scheme, with clients including McLaren, Nando’s and Zoopla.

Octopus Electric Vehicles has increased its headcount tenfold since May 2021, creating more than 225 new green jobs across offices in London, Weybridge, Brighton and Manchester. Octopus recently took its expertise to America with the launch of Octopus Electric Vehicles in the US.

Fiona Howarth, CEO of Octopus Electric Vehicles, commented: “Drivers are increasingly seeing the benefits of switching out old gas guzzlers for electric cars. They are great to drive, better for the planet and can save over £1,000 a year in fuel. With demand soaring, we need manufacturers to continue to increase volumes. ”

“With this demand, the UK is ever more attractive for EV charging investment and a destination for new electric car brands. With an amazing heritage in automotive here in the UK, we’re proud to be able to create new jobs in today’s upgraded, greener car market. And as Pollen Street’s commitment shows, leadership from the finance sector can make a real difference.”

Matthew Potter, Partner at Pollen Street Capital, said: “We are excited to partner with Octopus Electric Vehicles to support the expansion of their salary sacrifice scheme. Octopus are an innovative business which has gone from strength to strength and we are delighted to support their next phase of growth.”

Pollen Street is an alternative asset manager with an established platform across private equity and private credit. Pollen Street’s credit strategy is dedicated to senior secured, asset backed investments with a strong track record in providing financing that delivers positive impact, particularly in energy transition. In the last 18 months the firm has completed four transactions that fund the expansion of electric vehicle fleets encouraging the switch to greener transport.

Octopus Electric Vehicles was launched with a simple mission; to make it easy for drivers to switch to clean, electric transport. The business sits within the wider Octopus Energy Group, which is expanding rapidly having received over $1bn in funding over the last two years, giving it a valuation of $5bn.

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Adamant Quanta closes SEK 9.2 million financing round to deliver breakthrough diamond-based atomic clocks

Industriefonden

damant Quanta, a Swedish deep tech startup that has developed innovative diamond-based IC microchips, announced today the successful closure of a SEK 9.2 million financing round. Industrifonden, along with Almi Invest and Navigare Ventures, have invested in the round. The company’s initial technology application focuses on diamond-based atomic clocks, which are more accurate than the current market-leading chip-scale atomic clocks, while smaller, cheaper, and ageless. The new funding will be utilized to further develop and scale the delivery of their first diamond-based chip-scale atomic clocks.

Adamant Quanta is a Swedish quantum technology startup which specializes in the development of diamond-based IC systems for precision timing, sensing and detection. Their flagship product, a chip-scale diamond-based atomic clock, offers unprecedented accuracy and performance. With a focus on innovation and customer requirements,  Adamant Quanta aims to transform the industry with immediately applicable diamond quantum tech solutions for resilient positioning, navigation, and timing applications.

Haitham El-Ella, CEO at Adamant Quanta, states: “We are pleased to have closed this financing round and grateful for the given opportunity to continue developing our diamond-based IP and to deliver our cutting-edge diamond atomic clocks. With this investment, we will be able to scale our product delivery and realize our vision of providing competitive and immediately applicable quantum tech hardware.

Adamant Quanta is committed to continued technological innovation and establishing themselves as leaders in their field. With the successful closure of the financing round, the company will scale and accelerate the delivery of chip-scale diamond systems and strengthen their position in the timing, sensing and detection markets.

Iliam Barkino, Principal at Industrifonden, commented: “What sets Adamant Quanta apart is their innovative use of diamond-based IC microchips to revolutionize time and frequency-based measurements. Their technology offers quantifiable performance improvements in chip-scale atomic clocks as their initial market but has multiple additional measurement applications across various industries. We believe that Adamant Quanta has the potential to disrupt their target sectors, and we are excited to be part of their success story.”

About Adamant Quanta

Adamant Quanta strives to innovate and deliver immediately useful cost- and energy-efficient quantum tech using defects in diamond crystals. Leveraging their extensive experience and know-how, their mission is to serve the timing, sensing, and detection markets with innovative functionalised diamond crystals that utilize their quantum mechanical properties to deliver superior functionality and performance. In collaboration with their industry network and partners, they are poised to deliver their unique diamond-chip systems for both embedded devices and terrestrial/satellite-based infrastructure.

Read more about Adamant Quanta ↗

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Main acquires majority stake in Xential

Main Capital Partners

Main Capital Partners today announced its strategic partnership with Dutch document creation software specialist Xential.

Main Capital Partners today announced its strategic partnership with Dutch document creation software specialist Xential. This partnership has been established to jointly accelerate Xential’s (international) growth. Led by the management team and supported by Main’s expertise, Xential will strengthen its market position and expand its product portfolio to deliver even greater added value to its customers and partners.

Xential, founded in 2009 by CEO Ruud Vos and based in Holten, the Netherlands, is a developer of a SaaS platform for document creation. The company offers solutions to create and manage documents anytime, anywhere, in order to increase control over information. The fast-growing software company serves more than 240+ customers, mainly consisting of (local) government institutions, but also accounting firms and employment agencies. Xential has a strong market position in the Netherlands, as well as 70+ customers in Germany.

Growth acceleration
Xential and Main will cooperate to realise both a national and international growth acceleration. The growth strategy will include deepening and broadening of the product suite, selling (inter)nationally via the internal commercial team and through partners, and exploring opportunities for strategic acquisitions. This strategy will focus on accelerating organic growth, including expanding the partner network and strengthening the international market position. In addition, the organic growth strategy will be complemented with selective strategic combinations with other players in the market.

Ruud Vos, Chief Executive Officer of Xential comments: “In cooperation with Main, we are now opening up opportunities in new verticals in the Netherlands and other European countries. Main’s knowledge and experience, in combination with our expertise in content creation, will allow us to accelerate the realisation of our ambitions. We are aware of our strengths: high-quality software, committed and specialized employees and an approachable service desk. We will certainly keep it that way. Furthermore, for the continuous development of our product, we will soon be able to utilize the knowledge and expertise that Main brings. In short: I see a lot of opportunities to further expand on the strengths of Xential.”

Ivo van Deudekom, Investment Director at Main Capital Partners, adds: “We have known Xential’s management team for many years and are impressed with the way they have successfully built the organisation in a sustainable and fast-growing manner. Xential is a leading software supplier in the document creation market, partly due to a smart partner strategy in both the Netherlands and Germany. Many (international) partners already use Xential private label. For the end-user, this results in seamlessly building output from a process, case application or DMS, without complicated programming knowledge or in-depth knowledge of word processing software. Together with the management team, we see significant additional (growth) potential in the Netherlands, Germany and beyond.”

We have known Xential’s management team for many years and are impressed with the way they have successfully built the organisation in a sustainable and fast-growing manner.

– Ivo van Deudekom, Investment Director at Main Capital Partners

About

Xential

Since 2009, Xential has been developing software for document creation. Companies manage their content, corporate identity and document templates in the platform. “With our software, we fulfil a basic need for our customers: to communicate well with their target groups,” explains CEO Ruud Vos. “We offer the solution for organisations that have complex information management; large document and data flows. In doing so, we standardise processes, increase efficiency and reduce the margin of error. At the same time, our customers can offer their target groups correct, personalised information, at the right time.”

Categories: News

LEAG and ESS to Develop Clean Energy Hub for Germany

Pangea Ventures

LEAG to develop up to 14 GW of renewable generation paired with 2-3 GWh of energy storage and 2 GW of green hydrogen production

Today, ESS Tech Inc. (NYSE:GWH) (“ESS”), a leading global manufacturer of long-duration energy storage systems, and LEAG, a major German energy provider, signed an initial agreement to accelerate the clean energy transition through the deployment of renewable generation and long-duration energy storage (LDES) using ESS iron flow battery technology.

Following the execution of definitive agreements and normal financial close, anticipated in Q3 2023, LEAG and ESS plan to build a 50 MW / 500 MWh iron flow battery system at the Boxberg Power Plant site, to be commissioned in 2027. The resulting 50 MW/500 MWh module is expected to become a standardized building block in LEAG’s plan to deploy 2-3 GWh of storage in the transformation of the LEAG power plant locations. LEAG and partners plan to invest €200 million with further support anticipated from additional investors and stakeholders.

ESS has developed an iron-based LDES technology which uses safe and sustainable battery chemistry to deliver low-cost, utility-scale energy storage. ESS technology is currently manufactured at the company’s facilities near Portland, Oregon, USA. ESS systems have already been deployed in commercial microgrid systems, with utility-scale projects underway in the USA and Australia.

“We look forward to partnering with LEAG to develop the model for utilities and communities worldwide transitioning from coal to clean, renewable energy,” said Eric Dresselhuys, CEO of ESS. “The deployment of renewables and long-duration energy storage will not only deliver reliable, clean energy to effectively replace the baseload power currently provided by coal, it will deliver economic opportunity and a cleaner environment for Germany.”

LEAG is a leading operator of large-scale lignite mining and coal-fired generation in Eastern Germany that is implementing a vision to transform the coal-dependent region into Germany’s Green Powerhouse. The company plans to develop 7-14 GW of renewable generation paired with 2-3 GWh of energy storage and 2 GW of green hydrogen production. Combined, these technologies will create a net-zero-carbon baseload energy system. When fully operational, LEAG expects to demonstrate a renewable energy system at scale which not only replaces baseload coal generation, but uses short-duration storage, LDES and hydrogen to replace natural gas for grid balancing.

“A key requirement for our transformation into Germany’s Green Powerhouse is the deployment of cost-effective Long-Duration Energy Storage. We are energized to demonstrate the value of iron flow battery technology at scale,” said Thorsten Kramer, CEO of LEAG. “The Energy Resilience Leadership Group and Breakthrough Energy have provided an ideal framework to drive rapid technology development and deployment to meet emissions goals as soon as possible.”

LEAG and ESS have joined the Energy Resilience Leadership Group (ERLG), a multi-stakeholder initiative led by Breakthrough Energy and Siemens Energy that brings together corporate CEOs, political leaders, financial institutions, and startups at the technology frontier. The Group was launched at the 2023 Munich Security Conference with the goal to enhance Europe’s energy resilience by rapidly bringing emerging climate technologies to scale. ERLG forges partnerships between startups and corporates to work towards deploying commercially viable projects within 24 months. The project of LEAG and ESS is one of the projects that the ERLG network is helping to accelerate.

“We are pleased to support a long-term strategic relationship between energy and technology experts LEAG and ESS through the Energy Resilience Leadership Group,” said Philipp Offenberg, Senior Manager, Europe at Breakthrough Energy. “Delivering green baseload power thanks to scalable, long-duration energy storage will not only solve a major challenge to decarbonization. It will also enhance Europe’s energy resilience, because less natural gas will be needed for backup power generation in the future.”

Summary:

U.S. energy storage technology manufacturer ESS Tech, Inc. and German energy provider LEAG cooperate to scale up iron-flow technology to provide long-duration energy storage as part of LEAG’s strategy to become Germany’s Green Powerhouse.

Breakthrough Energy supports the cooperation / project within the programme of Energy Resilience Leadership Group (ERLG).

First phase: demonstration of 50 MW / 500 MWh iron flow battery system at the Boxberg Power Plant to be operational by 2027.

Project expected to catalyze the sustainable transformation of a major German coal mining and energy generation region.

About the Energy Resource Leadership Group:

The Energy Resilience Leadership Group is a multi-stakeholder initiative led by Breakthrough Energy and Siemens Energy that brings together corporate CEOs, political leaders, financial institutions, and startups at the technology frontier. The Group was launched at the 2023 Munich Security Conference with the goal to enhance Europe’s energy resilience by rapidly bringing emerging climate technologies to scale. ERLG forges partnerships between startups and corporates to work towards deploying commercially viable projects.

About ESS Tech Inc.:

At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it’s needed. As more renewable energy is added to the grid, long- duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining and the wind is not blowing.Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS Inc. enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit www.essinc.com.

[Forward-Looking Statements]

This communication contains certain forward-looking statements regarding ESS and its management team’s expectations, hopes, beliefs, or intentions regarding the future. The words “estimate”, “expect”, “will” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the Company’s ability to execute on orders and the Company’s relationships with customers. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments. Many factors could cause actual future events to differ materially. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Contacts

For further information please contact:

LEAG Kathi Gerstner I kathi.gerstner@leag.de I +49 1723497384

ESS Morgan Pitts I morgan.pitts@essinc.com I +1 503-568-0755

Breakthrough Energy Alison Menon I alison@breakthroughenergy.org I + 1 (202) 468 0839

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Ratos company Vestia Construction Group wins new partnering contract with estimated budget of SEK 250m in Kungälv Municipality

Ratos

Vestia Construction Group (Vestia), a part of SSEA Group, will partner with Kungälv Municipality to renovate, rebuild and extend Ytterby School in central Ytterby. The project will provide the school with inclusive, efficient premises that are suited for modern education in a municipality with a growing number of residents. The project encompasses approximately 11,000 square metres, and the budget is estimated at SEK 250m.

Project planning will begin after summer 2023 and production will start in stages during the autumn. The project will be completed by year-end 2025. The oldest section of Ytterby School was built in 1952, and the school currently has space for 600 students from years 7 to 9. When the renovations and extension are complete, the school will be able to accommodate just over 700 students.

Vestia has extensive experience of partnering on school projects where the building stays open during construction. The renovation and extension will be carried out in stages. Affected classes will be moved temporarily and held in modular classrooms on the school premises.

“Buildings that are important to society, such as schools, are built and maintained regardless of the economy. SSEA Group and Vestia’s expertise and niche are especially attractive in this regard. In combination with the recognised efficiency and trustworthiness of their partnering model, this means that the company has a bright future despite a market with uncertain prospects when it comes to, for example, housing construction. We’re pleased to have secured yet another excellent contract,” says Christian Johansson Gebauer, Chairman of the Board of SSEA Group and President Business Area Construction & Services, Ratos.

“I’m proud that we have been entrusted to develop Ytterby School together with Kungälv Municipality. Although the Gothenburg metropolitan area is our home market, this is a new customer for us. Large, complex school projects that require renovations and extensions while the buildings remain in use are an area in which the entire Vestia team is experienced. We look forward to joining forces with Kungälv Municipality’s talented team. Together, we’ll deliver a sustainable educational environment with an eye on the future,” says Christian Wieland, CEO of SSEA Group.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Christian Wieland, CEO, SSEA Group, +46 70 654 09 30

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 32 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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