First published in Cleantech magazine, January 2009. Copyright Cleantech Investor 2009.
Tessa Laws is a partner at Rosenblatt, a London law firm which has positioned itself in the environmental space. Rosenblatt’s clients include clean technology companies, renewable energy operators, environmental funds, investment banks and NOMADS which advise cleantech companies on funding. Rosenblatt also specialises in advising mainstream companies aiming to operate more sustainably and those which need advice on their environmental exposure.
The Rosenblatt New Energy Awards, which were established in 2008, were Tessa’s inspiration. Last year’s winner of the New Energy Rising Star award was cellulosic ethanol technology company, TMO Renewables, Other winners last year included electrochromic technology company ChromoGenics (University Spin Out), Renesola (Company of the Year) and PV – Crystalox (IPO of the Year). The Awards take place this year at the Natural History Museum in London on 25 February. Tessa talks to Cleantech magazine editor, Anne McIvor.
Q. Rosenblatt is known for its corporate advisory work, with an especially strong position amongst the FTSE 250 segment, but you also work with smaller, start-up companies which might list on AIM or which require legal advice in relation to venture capital or private equity investment. How does the role of the lawyer differ in these various contexts?
A. Rosenblatt’s approach is very special and we do not differentiate between our clients whether they be FTSE or start-ups. We advise them as much as they need and adopt a very commercial approach to knowing their business and thinking laterally as to the other factors, sometimes non-legal, that are relevant. We pride ourselves on being proactive on our clients’ behalf – our little black book is several editions down the line so we now have the contacts to help move businesses on too – we can introduce funders, NOMADS, complementary businesses.
Q. Rosenblatt has experience in advising companies both at the point of listing and when they decide to delist (e.g. Tersus Energy last year). Amidst all the other advisors (accountants, NOMADS, etc.) can the lawyer provide advice on the best route for a company in any particular circumstances?
A Definitely - and we often do. In fact at the moment we are looking at various public to private transactions and have teamed up with existing funder clients to bundle our services and we are approaching NOMADS and companies with a user-friendly P2P roadshow. We advise on directors’ fiduciary duties of course, particularly pertinent at the moment regarding the going concern statements in this uncertain financial market.
Q. How does the role of a lawyer differ when you are advising an early stage start-up technology company compared to a company which is planning a project in a field such as renewable energy?
A. In terms of raising finance the legal issues are the same – the negotiation process with the funder is likely to be just as extensive, but the likelihood is that the early stage company management team has less experience and therefore might need more hand holding. We help with planning issues and any wrinkles, large or small, that come out of the due diligence process either directly or through an introduction to the appropriate expert wherever possible. In renewable work this is key and the experts are few and far between. It is vital to know who they are and to be able to contact them quickly. I wouldn’t really say the role of a lawyer differs at all – the documents might well, though.
Q. Working on all sides of the chain, do you tend to find that you come across business opportunities which might benefit your clients?
A Yes, certainly, and we do our utmost to introduce business opportunities to our clients – in fact in the first wind farm deal I did, acting for the developer, I introduced the parties.
Q. You have worked for many NOMADS/brokers who are advising companies at the time of a listing. How do you see the outlook for the IPO market post credit crisis? Do you see signs of recovery in interest in AIM listings as we enter 2009? And will clean technology companies find funding from AIM? Is there still interest in clean technology companies from venture capital investors?
A. We were lucky to work on many listings in 2007/2008 – both clean tech and more mainstream. It goes without saying that new listings have fallen off a cliff and the IPO market is going to take a while yet to recover. That said, we feel a slight wave of optimism here as we have just had instructions for an IPO due in March, albeit without any fundraising. While this is non cleantech, I do think cleantech companies may well find funding via AIM. VCTs alone have a significant amount of money that they have to spend and I think that, despite the media’s best efforts to compare the cleantech world with that of the burst dotcom bubble, many people realise that cleantech is a necessity, whereas dotcom wasn’t. And yes, valuations may need a little revision, but investment in cleantech will continue to grow.
Q. What inspired you to set up the New Energy Awards? Why is it important for developers and users of new energy technologies, and investors in those technologies, to be recognised?
A. I was so proud of the work the firm was doing in this area that I wanted to get the news out there, and the best way I could think of putting us on the new energy map was by running an awards ceremony. True to Rosenblatt form, we approached clients that we have in the events business and within two months of planting the seed last year’s inaugural awards were held. Developers, users and investors need recognition to raise their profiles and there should be no cynicism surrounding their reasons. We realise a lot of these businesses are investing for a financial return, but regardless of that there are technologies out there that will be indispensable to our kids and which need supporting and highlighting because, once they do, they can improve their own and others’efficiency and evolve.
Q. Which charities benefit from the awards?
A. we give all our revenue from the awards to charity and last year our beneficiary charity was an African water charity. This year we have come closer to home and we are supporting Healthy Planet (www.healthyplanet.org), which enables people to adopt parcels of land across the globe and maintain them in a sustainable way – our first plot will be on the Fens.
Q. Do you consider that you live a ‘green’ lifestyle? DO you switch off the lights/offset your carbon?
A. I am going to fall into a trap whichever way I respond to this one….I do have an electric car which I charge every day and use for school and work journeys; I do recycle as much as Westminster will allow (which is not much); I switch off lights and don’t allow the tap to run while I am brushing my teeth; I tried to get an allotment, but waiting lists are ridiculous so hope to start some home growing this year….how am I doing on the greenometer?
| < Prev | Next > |
|---|
