First published in Cleantech magazine, February 2011. Copyright Cleantech Investor 2011
Investor: I2BF
Target: Nesscap Energy
Value: $5m
I2BF has invested in convertible notes of Nesscap Energy, a South Korean developer and manufacturer of ultracapacitors. The funding was undertaken in conjunction with the listing of Nesscap Energy on Toronto’s Stock Exchange through a reverse takeover by Nesscap Inc., which was already an I2BF portfolio company. The convertible notes have a 24 month term and bear interest at a rate of 12% per annum. They may be converted into common shares of Nesscap Energy at a price of $0.30 per share at any time prior to the maturity date.
Nesscap develops power and energy solutions used in transportation, industrial power, renewable energy and other consumer industries. It is particularly renowned for its range of ultracapacitor products, used in applications ranging from portable electronic devices to hi-tech ‘green’ cars.
Ilya Golubovich, founder and Managing Director of I2BF, commented: "We are delighted to be an integral part of Nesscap’s growth story. We believe that Nesscap Energy will remain a strong investment proposition in the coming years as it continues its global expansion. This listing on the TSX Venture Exchange will be integral to the business’ growth into new international markets, whilst also providing increased exposure to new commercial and strategic partnership opportunities. We are excited to have positioned the company so openly in a market that will value it and its growth prospects."
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