Capital Law is delighted to have advised existing client Perpetual V2G on their six-figure funding round, which included further backing from Finance Wales. The funding included £300,000 from existing shareholders, as well as Finance Wales converting its £500,000 loan to equity.
Perpetual V2G is a battery technology company who produces and fits lithium battery powered energy systems, for refrigerated vehicles, utility vehicles, emergency vehicles and off grid projects. The South West Wales based company fits these vehicles with systems that allow the vehicles to be emission free while powering the chiller unit - without needing the engine running, saving on fuel and reducing emissions. Perpetual’s customers include Sainsbury’s BT Openreach, United Utilities, and other leading UK corporations committed to reducing their CO2 output.
Mervyn Ham, business growth specialist, has joined Perpetual as chief operating officer, as well as joining the investor group backing the business. This funding will ensure the continued growth of the business and help develop the massive potential the company has ahead of it. It will also allow the company to deliver major value to its client base.
Andy Ling, founder and chief executive, said: "I am delighted to have closed this funding round and equally delighted that Mervyn Ham has agreed to join the senior team. His years of experience in high growth businesses will be a major asset."
Ashley Cooper, chairman of Perpetual and co-founder of Catalyst Growth Partners, said “We were once again delighted to work with Capital Law on this transaction. Our Associate, Laura Herdman and her team skillfully managed a complex transaction involving a debt to equity conversion, existing shareholder re-investment, new shareholder investments and an incoming director. We were delighted with the process, timescales and outcome".
Laura Herdman, from Capital Law said: “We're delighted to have advised Perpetual V2G on its funding round. They have yet again proved to be a great client to work with. It’s an exciting Welsh business Which for the future looks bright. We look forward to seeing their continued growth and development”.
The Perpetual V2G funding round has also been featured in a WalesOnline article looking at Welsh firms that have raised millions to fuel their ambitious growth plans.
For more information, please contact Laura Herdman.