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Climate Change Capital invests EUR10m in solar technology company

Climate Change Capital Private Equity, a EUR200m fund dedicated to investments in clean technology companies, has led a convertible bond issue in Metallkraft, a Norwegian company that has developed a patented process to recycle spent slurry used in cutting solar silicon wafers.

Climate Change Capital subscribed for NOK85m (EUR10.3m) of the NOK140m (EUR17.0m) total convertible bond issue alongside existing shareholders and other investors.

The convertible bonds have a 12 per cent coupon per annum and a three year term.

With plants already operational in Norway and China, Metallkraft will use the proceeds from the convertible bond issue to support its new plant in Singapore which will service the 740 MW wafer plant being commissioned by Renewable Energy Corporation, part of the world’s largest integrated solar plant, and future expansion plans in China.

Metallkraft has developed a mechanical process able to recover 100 per cent of spent slurry used in the solar silicon wafer cutting process. Metallkraft’s solution involves no added chemicals, no waste streams and has a low energy consumption.

Simon Drury, a Climate Change Capital partner, says: “In addition to the environmental benefits of its solution, Metallkraft is able to dramatically reduce the slurry costs, providing solar wafer manufacturers with a decisive competitive edge in a fast moving solar industry continuously striving to reduce the overall cost of solar energy.”

Drury will take a seat on Metallkraft’s board of directors.

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