Taylor Wessing advises cleantech venture capital firm WHEB Ventures on two new European investments

European law firm Taylor Wessing LLP has acted for cleantech venture capital firm WHEB Ventures on its recent multi-million pound investments in UK home energy management company PassivSystems and German electric outboard motor developer Torqeedo.  These are the first transactions on which Taylor Wessing has advised WHEB Ventures.

Established in 2008 and headquartered in the UK, PassivSystems is developing the new PassivEnergy home energy management system. Without forcing energy consumers to change their lifestyles, Passiv's system monitors and automatically optimises energy consumption in the home including heating, hot water and electrical appliances. PassivSystems is using this first round of external finance to establish a major commercial partnership and launch its first commercial product in early 2010.

Bavaria-based Torqeedo was German Start Up of the Year in 2008. Torqeedo develops and manufactures electric outboard motors for the marine market, providing an environmentally friendly alternative to the sub 10 horse power combustion engine. WHEB Ventures’ investment of €3m will help the company maintain its growth momentum and expand into new markets.

Partner Simon Walker led Taylor Wessing's UK team, assisted by associate Charles Fletcher, and partner Peter Hellich led Taylor Wessing's German team, assisted by Maria Weiers.

Simon Walker said:

“We are delighted to have completed these deals for WHEB. Both Torqeedo and PassivSystems are developing products that will help cut carbon emissions and promote greater energy efficiency across Europe. These transactions highlight Taylor Wessing expertise in the clean technology sector and demonstrate our ongoing commitment to working with the most dynamic investors in innovative technologies in the cleantech space.”

James McNaught-Davis, Managing Partner at WHEB Ventures said:

“We were very impressed with the professional service provided by Simon and his team and we look forward to working with them again in 2010 on new deals”

Bird & Bird LLP acted for PassivSystems.
MLawGroup acted for Torqeedo.

Ends

Lawyers Dr. Peter Hellich, Maria Weiers, Simon Walker

Notes to editors

For more information or to speak to Simon Walker, please contact Rohit Grover or Maria Jennings at Spada:

Tel:      +44 (0)20 7269 1430
Email:   mariajennings@spada.co.uk

Taylor Wessing LLP is a leading law firm providing support for commercial organisations doing business in Europe, the Middle East and China.

www.taylorwessing.com