Fladgate’s equity capital markets team have advised longstanding client Pineapple Power Corporation plc (‘Pineapple’) on a successful IPO and fundraise through institutional and high-net worth investors, raising gross proceeds of £1.3 million at a placing price of 3 pence per share. Pineapple is a cash shell or SPAC admitted to the Standard segment of the Official List and traded on the Main Market of the London Stock Exchange.
In the 2020s, the combined factors of decarbonisation, digitalisation and decentralisation are likely to continue to drive forward the green energy revolution and create the opportunity for innovation within the sector, making this sector a key target for growth and commercial opportunity. Pineapple’s objective is to acquire a target business in the renewable or clean energy sectors, which may include currently operating energy assets or clean technology projects or assets at any stage of development. Pineapple’s directors believe that, in light of the highly visible global concerns regarding environmental damage and climate change as a result of fossil-fuelled power generation, there is a significant opportunity in the renewable and clean energy sectors which will play an increasingly significant role in meeting future energy needs.
Clive de Larrabeiti, founder and corporate adviser to Pineapple, commented: "We are deeply grateful to Paul Airley and his very capable team for the extensive and comprehensive advice received in order to successfully list our company on the London Stock Exchange. As many will know, the process of prospectus drafting, regulatory approval and application to list can be challenging, difficult and time consuming. The Fladgate team the benefit of their knowledge and experience, conducted the process with consummate skill and with their considerable dedication, ensured a successful outcome. "
Partner Paul Airley comments: “Much discussion has been generated by the increase in the number and scale of US technology and other IPOs in 2020, which has substantially been driven by a new found interest in securing a listing via reversing into a cash shell or SPAC. We anticipate these trends gathering pace in the UK equity markets as investors seek exposure to high growth businesses. We are delighted to have advised Pineapple on its successful IPO which has been well timed to capitalise on strong investor support both for the establishment of SPACs and for investment in Pineapple’s target sectors of renewable energy and clean technology. We look forward to working with Pineapple as it makes acquisitions in this space.” Paul led this transaction with support from capital markets associate, David Lee,
Our Green Energy Group continues to advise clients on legal issues arising in connection with renewable and low carbon energy generation assets (such as wind and solar farms, energy from waste and biomass), battery storage, electric vehicle infrastructure and greentech. We advised Zouk Capital the manager of the UK Treasury’s Charging Infrastructure Investment Fund (CIIF), on CIIF’s joint venture with multinational telecommunications company Liberty Global (to be called Liberty Charge) which will roll out on-street residential electric vehicle charging points in the UK.