RPC advises Ceres Power on strategic collaboration with RFC Power for long-duration energy storage
International law firm RPC has advised Ceres Power Holdings plc, a global leader in fuel cell and electrochemical technology, on its joint development and equity agreements with RFC Power limited, a long-duration energy storage company.
The RPC team was led by Corporate partner Connor Cahalane and included Ben Magahy and Ashleigh Fehrenbach. Ceres' general counsel and Director of IP, Clarissa de Jager, led on the joint development agreement.
RFC is an early stage company that has a strategy to develop the world’s lowest cost flow battery – a hybrid between a fuel cell and a battery that decouples power from energy.
The joint development agreement aims to improve and accelerate RFC's technology through the use of Ceres' capabilities in electrochemistry and device engineering. In exchange for the work done, Ceres will receive an 8.4% shareholding in RFC. Ceres has the opportunity to assess RFC's technology in this period and if the technology proves compatible to Ceres' strategy, Ceres has an option to acquire the balance of RFC's shares for up to £25 million, payable in Ceres shares.
Commenting on the deal, Connor Cahalane said:
"We are delighted to have worked with Ceres on this strategic collaboration with RFC, in particular given the important role that long duration storage is likely to play in the use of alternative energy sources and moving towards a net zero future."
Karen Hendy, head of RPC's corporate group, added:
"With our focus on applying our expertise and commercial approach to the tech sector, we are seeing an increased interest from our clients in transactions that enable them to access innovative new technologies that will help address climate change and support the global energy transition. Many congratulations to Ceres and everyone involved."