UP Catalyst develops technology that can turn carbon dioxide into graphite and other carbon materials. With the funding, the company will build an industrial pilot reactor capable of processing 100 tons of CO₂ annually and producing 27 tons of carbon materials, making UP Catalyst the largest provider of green graphite in the world.
SmartCap is a fund manager registered with the Estonian FSA and a subsidiary of Estonian Business and Innovation Agency.
TGS Baltic advised the client during the entire transaction, from reviewing and implementing the legal due diligence findings of the lead investor until negotiation and finalisation of the transaction documents and closing of the investment into Up Catalyst. The transaction was noteworthy due to its structuring partly in convertible loan agreement, partly in pure direct equity investment.
The TGS Baltic team was led by Kadri Kallas and Mirko Kikkamägi, and also included Triinu Järviste and Grete Kruustük.
