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Applied EV completes capital raise

Australian technology company Applied EV has been advised on its recent capital raising, a move to fund growth towards commercialisation at scale.  

user iconLauren Croft 17 October 2022 Big Law
Applied EV completes capital raise
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Firm: Herbert Smith Freehills (Applied Electric Vehicles)

Deal: Herbert Smith Freehills has advised Applied Electric Vehicles on its capital raising, which included a strategic investment by Suzuki Motor Corporation.

Value: Undisclosed


Area: Venture capital

Key players: The Herbert Smith Freehills team was led by partner Alex Mackinnon and supported by senior associate Ling Zhu.

Deal significance:  Applied EV is an Australian technology company that has developed a proprietary digital control system known as the Digital Backbone, which is a combination of software, firmware, and electronics that enable the centralisation of the control system for a vehicle into one control unit.

Applied EV’s Digital Backbone has already been implemented into Applied EV’s electric vehicle known as the Blanc Robot — a cabinless, driverless vehicle, configurable for multiple autonomous commercial uses, including on-road and off-road applications.

Commenting on the deal, the firm said it was “delighted to have supported Applied EV on its successful capital raising”.

“As an exciting and innovative technology company, its successful raising highlights there is a strong appetite in the market to invest in innovative businesses with strong growth potential. The team has been a pleasure to work with, and we wish them continued success with the next stage of their growth and expansion,” the firm said.

Julian Broadbent, co-founder and chief executive of Applied EV, added: “Applied EV is thrilled with the outcome of the capital raise, which facilitated the alliance with Suzuki, linked directly to our commercialisation strategy, which we’re now in the process of executing. Throughout the process, the HSF team added significant value through their commercial, common-sense approach and top-shelf expertise.”