We are delighted to have acted on behalf of an innovative hydrogen storage technology business in a major investment deal with Space Florida.
We acted on behalf of Oxfordshire-based Cella Energy Ltd in the deal which saw £1.5m invested in the company by Space Florida, an independent special district of the state of Florida, as well as other independent international investors.
Cella Energy has bases in Oxfordshire and the NASA Kennedy Space Center in Florida, where it is developing hydrogen storage materials, which allow hydrogen to be stored without high pressure tanks. NASA Kennedy Space Center has become one of the world’s largest users of hydrogen and is developing expertise in this area.
Peter Robinson, partner at Muckle LLP, said: “I am very pleased Muckle LLP was able to play a part in ensuring a successful deal for all parties. We acted on behalf of Cella Energy, negotiating the investment documentation with Space Florida’s lawyers and the other individual investors from around the globe who were also involved. Space Florida is located at the NASA Kennedy Space Center and is an independent, special district established under Florida State statutes.
“This is a significant investment in a UK-based business, which is clearly going places. The work we have done for Cella Energy came about as a result of an investment deal with Thomas Swan & Co. Ltd., the Consett-based chemical company which was the first to invest in Cella. Since then Cella Energy has gone from strength to strength. I wish them continued success and hope to work with them again in the future.”
The latest funds received by Cella Energy from Space Florida and other investors will be used to further develop low cost hydrogen storage technologies and expand its operations and create employment opportunities both in the UK and Florida at the NASA Kennedy Space Center.
Cella chief executive Stephen Voller said: “We had excellent support and advice from Peter and the team at Muckle LLP in completing this investment deal, which is testament to the continued confidence in our technology. As the world population grows, so will the demand for energy. Hydrogen provides a way of meeting some of this demand, without increasing harmful emissions.”
For more information on this or similar deals please contact Peter Robinson on 0191 211 7937 or email [email protected].