Atlantis finds funds
May 09, 2009 | BY
clpstaff &clp articles &Atlantis Resources Corporation has successfully raised funds from Statkraft, Europe's largest renewable energy company, and its existing shareholders.…
Atlantis Resources Corporation has successfully raised funds from Statkraft, Europe's largest renewable energy company, and its existing shareholders. The size of the fund-raising was not disclosed.
Atlantis, a developer of electricity-generating tidal current turbines, also entered into a strategic collaboration with Statkraft to develop tidal current electricity projects in Europe.
Freshfields Bruckhaus Deringer advised Atlantis on the fund-raising and strategic collaboration, with leadership from partner and head of the firm's China IP/IT practice Connie Carnabuci. Corporate partner Stuart Grider was also involved. Drew & Napier provided Singapore law advice to Atlantis. A team from Eversheds, led by partner Paul Lowe, advised Statkraft.
On March 31, Atlantis closed a deal to buy a tidal current energy origination and project development business, Current Resources, from Morgan Stanley. In return, Morgan Stanley increased its shareholding in Atlantis to just under 50%. Freshfields also advised on that deal.
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