Penningtons Manches has acted for Ichthion, a leading developer of disruptive technologies to remove plastics and synthetic waste from rivers and oceans, on its recent seed fund raise led by ClearlySo, Europe’s leading impact investment bank.
Penningtons Manches' team was led by Justin Starling, assisted by Nick Richards, Magnus Williams and Fern Tawera (corporate); Kathy Hills (tax) and Sophie Whitbread (employment).
Ichthion plans to use the new funding, a mixture of equity investment and grants, for hiring key staff, product optimisation and testing, and cashflow through to first commercial contract.
Plastics in oceans and water courses is increasingly a topic of public awareness. There is approximately 150 million tonnes of plastic in contaminated ecosystems with a further 12 million tonnes entering the marine environment annually. Approximately 90% of plastic pollution in the oceans comes from 10 rivers and is forecast to triple by 2025 without significant interventions.
Ichthion has three systems to remove plastic from different bodies of water named Azure, Cobalt and Ultramarine.
Inty Grønneberg, co-founder and chief executive of Ichthion, said: “Closing the round is a solid step for our company in our goal to reduce by 70% in 10 years the total amount of plastics entering into the oceans. We are now looking at manufacturing companies that share our vision and would like to partner with us to speed up the deployment process worldwide.”
Justin Starling, Corporate partner at Penningtons Manches, commented: “Penningtons is delighted to support innovative businesses like Ichthion raise capital to develop game changing solutions to reduce the amount of plastic waste in rivers and oceans. The transaction played to core strengths of our firm – providing full service legal support to IP intensive companies in their venture fundraising”.
Penningtons Manches's involvement in the deal is another example of the strength of its venture capital team in advising clients on both venture and growth capital transactions in the technology sector. The team acted on over 90 VC and fundraising transactions in 2018.