Solar module producer Odersun AG, based in the “solar valley” in Frankfurt (Oder), Germany, has successfully closed its second international financing round. The investment volume (including public subsidies granted by the investment bank of the state Brandenburg, ILB) amounted to more than EUR 61m (US$ 90m). The raised capital will primarily be used for the construction of further production sites. Odersun AG develops and produces thin-film solar cells and modules and further solar applications of any size and power without relying on silicon based upon copper-indium-disulfid on thin flexible copper tape (CISCut) in a so-called roll to roll process.
The financing was led by Virgin Green Fund (US/UK) with participation of PCG Clean Energy & Technology Fund (US) and AGF Private Equity (a member of Allianz Group, France), in addition to existing investors Doughty Hanson Technology Ventures (UK) and Advanced Technology & Materials (China).
Advisors to Odersun AG
Bird & Bird, Duesseldorf and Munich: Dr. Stefan Gottgetreu (Lead, Corporate), Associate: Moritz Petrikowski (Corporate); Wolfgang von Meibom, Dr. Daniela Kinkeldey, Dr. Matthias Meyer (all IP); Dr. Jörg Witting, Shiraz Kutar (both subsidies law); Dr. René Voigtländer; Dr. Hermann Rothfuchs (both environmental and public law); Dr. Martin Nebeling (employment).
Gibson, Dunn & Crutcher LLP, London - US Securities Law: Kenneth Lamb (Lead, Corporate), Dr. Dorothee Fischer-Appelt (also Corporate).
Advisors to Virgin Green Fund
GleissLutz, Munich, Frankfurt, Berlin: Dr. Ralf Morshäuser (Corporate, Munich), Dr. Alexander Schwarz (Corporate, Frankfurt), Dr. Burghard Hildebrandt (Partner subsidies law, Berlin), Dr. Matthias Müller, Dr. Christina Gräfin von Schweinitz (both Corporate, Frankfurt), Stephan Meyer (Corporate, Munich), Dr. Arne Ibbeken (IP, Munich), Dr. Thomas Winzer (employment, Frankfurt), Dr. Katja Papenkort (subsidies law, Berlin).
Advisors to Doughty Hanson
MLawGroup, Munich: Rainer Kreifels, Dr. Johannes Maidl, Dr. Florian Anselm (all Corporate).
Advisors to PCG Clean Energy & Technology
Hammonds, Munich: Dr. Michael Hoffmann (Corporate).
Advisors to AGF
Bird & Bird has been advising Odersun AG regularly since their early-stage-activities and has assisted the technology company inter alia in all previous financing rounds. The team at MLawGroup has been advising Doughty Hanson in connection with Odersun AG already in the first financing round in 2006.
The transaction is a good example for the increasing activities of Bird & Bird in the renewable energy sector. The firm has established within its greater energy practice a multinational CleanTech/ Renewable Energy group composed of legal professionals of different areas (in particular corporate / IP / anti-trust / subsidies law), which acts both nationally and internationally for various energy companies and thus enjoys an increasing deal flow.