Login
5B completes $12m Series A raise
LegalVision has advised 5B on its $12 million Series A investment.
Tony Zhang
Firm: LegalVision (5B)
Value: $12 million
Deal: LegalVision has advised 5B, an Australian clean technology start-up, on its $12 million Series A capital raise.
5B closed the round with a strategic investment from the AES Corporation (NYSE: AES), a Fortune 500 company and global energy business.
Area: Corporate, venture capital.
Key players: The LegalVision team was led by practice leader Jill McKnight, who was assisted by senior lawyer Sarah Aldersley.
Deal significance: AES bought a 25 percent stake in 5B, an Australian company producing prefabricated solar arrays.
5B says its solar arrays, built offsite and then transported for quick construction, are three times faster to install than a traditional single-axis tracking system.
“It’s fantastic to see an Australian solar [start-up] now on the global stage. The 5B team has a vision that will truly transform the future of cleantech. It’s been a pleasure to work with them and we will be closely following their success,” Ms McKnight commented.
5B co-founder and CEO, Chris McGrath, said they were excited to have closed the Series A funding and partnership with AES as 5B embarks on its next chapter and take their Maverick solar solution to the world.
“Navigating the complexities of the deal so professionally, confidently and graciously (especially during the [roller-coaster] 2020 has been for the world) is a testament to the expertise of the LegalVision team,” Mr McGrath said.
“Jill and her team genuinely went above and beyond for us to close this round and we look forward to working with LegalVision on many more things to come.”
5B’s solar power solution makes it possible for solar to be deployed three times faster than traditional systems, while securing up to two times higher energy output within the same footprint.
The Series A investment will fund the continued development of its solar power technology solution and accelerate a global rollout of its ecosystem, including the world’s largest solar project, the Australia-ASEAN Power Link.
