The Energy team has advised HydrogenOne, the first London-listed fund investing in clean hydrogen for a positive environmental impact, on its £5 million investment in Cranfield Aerospace Solutions Ltd.
Britten-Norman, manufacturers of the iconic Islander aircraft, and Cranfield Aerospace Solutions, pioneers in hydrogen-electric fuel cell propulsion technology, have signed a Heads of Terms agreement, signalling their intention to merge and to create the world's first fully integrated, zero-emissions sub regional aircraft for entry into service in 2026.
The merger is due to complete in mid-2023, subject to due diligence. In a funding round led by HydrogenOne, a consortium of Cranfield Aerospace Solutions investors comprising HydrogenOne, Safran Corporate Ventures (the corporate venture arm of Safran, a leading aerospace company), and the UAE-based venture capital firm Strategic Development Fund will invest up to £10 million in the new company, including up to £5 million investment from HydrogenOne. Britten-Norman's existing owners, including lead investor Alawi Zawawi, will also join the new business. The investment will anchor further funding that is currently being raised to support the growth of the merged entity.
The investment was led by corporate energy partner Gareth Baker and corporate associate Emily Chittick, working with Chris Kay (Funds).
Gowling WLG's multi-disciplinary energy team has a market-leading reputation and operates seamlessly around the globe. Positioned at the forefront of the renewables sector, the team has previously advised HydrogenOne on its investment in the Thierbach Project, the company's first investment commitment in a green hydrogen supply project, as well as other transactions such as its investments in green hydrogen developer HH2E.