Bird & Bird advises Turbo Power Systems

24 May 2010

International law firm Bird & Bird LLP has advised Turbo Power Systems Inc, the innovative power generation and conditioning equipment supplier, on the £6.5 million proposed investment by Tao Sustainable Power Solutions (UK) Ltd in the Company.  The investment will be used to settle and surrender Turbo Power Systems’ existing 2008 Convertible Loan Notes and their associated rights and securities. Tao is a wholly owned subsidiary of VSE Vale Solucoes em Energia S.A, A Brazilian energy solutions company.

Turbo Power Systems (TSX and AIM listed) is a leading UK based designer and manufacturer of innovative power solutions.  The Company’s products are all based on its core technologies of power electronics and high speed motors and generators and are sold into a number of market sectors including aerospace, rail, and various industrial sectors.  The Company’s products provide improved efficiency and reduced energy consumption.

The Bird & Bird team led by Corporate partner Simon Fielder and associate Ed Rainsford advised Turbo Power Systems on the transaction. Simon Fielder has acted for Turbo Power for the last 15 years at Bird & Bird LLP and previous firms.

Simon Fielder, Partner, Bird & Bird, London, commented:  "This investment has enabled Turbo to strengthen its balance sheet by repaying existing indebtedness and will provide Turbo with the working capital it requires to help support its growth. Tao will also become a key customer of Turbo in the energy market which will assist Turbo in pursuing its strategy in this area.

"The transaction is the second in recent weeks, following on from the acquisition by Fluid Music Canada Inc of Mood Media Group S.A, where the firm has advised Toronto Stock Exchange listed clients in the UK and illustrates the strength of Bird & Bird LLP as a firm in assisting North American incorporated companies in Europe."