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DLA fuels raising

DLA fuels raising

DLA Piper has advised Ceramic Fuel Cells Limited on an $11.6 million capital raising.

Firms: DLA Piper (Ceramic Fuel Cells Limited )

Deal: Capital raising

Area: Corporate

Value: $11.6 million 

Key players: The project team advising CFCL was led by Melbourne-based partner Mark Burger, with support from corporate partner Simon Davidson, senior associate Christalyne Look and solicitors Marcus Lee and Nicholas Kefalianos. Hong Kong-based partner Esther Leung and solicitor Aneurin Chong were also crucial members of the team

Deal significance: CFCL is a world leader in developing fuel cell technology to convert natural gas into electricity and heat for homes and small commercial buildings. The capital raised will assist CFCL to continue to fund its operations and increase the volume of product manufacture. CFCL undertook a one-for-four non-renounceable rights issue of its ordinary shares to existing shareholders in Australia and New Zealand at an approximate value of $4.2 million, as well as an offer to existing shareholders outside of Australia and New Zealand, raising a further $1.4 million. The remaining $6 million resulted from a placing of ordinary shares to its strategic partner Chaozhou Three-Circle (Group) Co Ltd.

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