Gilbert + Tobin is pleased to have advised clean technology innovation company 5B, on the second closing of its A$55 million Series B fundraising. As part of the round, which was also supported by existing shareholders AES Corporation and Artesian Capital, the modular solar pioneer secured a funding injection of $20 million from bp ventures to support 5B’s technology development and growth and accelerate its international expansion.
The investment saw the closure of the A$55 million Series B funding round and will allow expansion of a business that supports the renewable energy transition and enables the decarbonisation of energy in Australia.
Lawyer and Head of G+T Ventures Xavier Keary led the work on the transaction and was assisted by lawyers Muli Zhou and Alexandra Berry. He commented, “We are thrilled to have supported 5B in this significant funding round. The investment from bp’s venture capital arm will help 5B to continue its pioneering work in the solar energy space, and we are excited to see the impact it will have on the industry.”
As part of the deal, two of bp’s gas & low carbon energy (G&LCE) business and 50-50 joint venture Lightsource BP) will also explore opportunities to collaborate with 5B on the deployment of 5B’s Maverick technology on future bp and Lightsource bp projects.
“This is a major milestone for 5B and we are proud to have been able to assist the founders Chris and Eden and the rest of the 5B team in achieving it,” added Keary. “We look forward to continuing to support 5B as it grows and develops in the future.”