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We are proud to have advised long-standing client PNE AG, the DAX-listed German renewables developer, on its acquisition of a majority stake in Bitbloom Ltd.
The transaction was complex and involved four jurisdictions (England, Germany, Sweden, Mexico). It has received wide-ranging press coverage.
Lux Nova conducted the legal due diligence on Bitbloom, with a significant focus on commercial contracts and intellectual property arrangements. Alongside the acquisition documentation, we negotiated the Shareholder’s Agreement and all ancillary documentation.
Legal Team:
- Nikola Zahariev led the transaction for Lux Nova, with David Short providing specialist legal advice on intellectual property issues and commercial contracts.
- Browne Jacobson LLP (Maz Dannourah) provided support on employment law issues.
- PNE’s in-house legal team was led by Head of Legal Dr. Jan Messer and Senior Legal Counsel Julia Wojtowicz.
About Bitbloom Ltd
Bitbloom is a cutting edge software and analytics provider for the Wind industry.
It empowers wind farm owners and operators to maximise the value of their data. Through its range of proprietary software and services for data analytics, scientific computing and application development, the company aims to unleash innovation in the Wind sector and help people and projects in the sector realise their potential. Bitbloom's smart, cost-effective tools and services enable deep data analysis – without one-size-fits-all analytics and black-box solutions.
What’s next for Bitbloom?
Securing PNE’s involvement ensures significant investment for Bitbloom, which will enable Bitbloom to accelerate the development of its renewable energy monitoring platform, with an emphasis on improving the yield of wind turbines. Bitbloom's unique products focus on increasing transparency and interpretability of the complex processes in physics and AI-supported monitoring. This approach drives significant improvements of asset value and more reliable operation for their customers.
Quotes
Markus Lesser, CEO of PNE AG, said "In Bitbloom, we have found a very dynamic company that complements us perfectly. Together, we will drive PNE forward and also ensure that the overall performance of wind turbines is optimised”.
Staffan Lindahl, one of Bitbloom’s three founders, said: “The energy transition and the consequent scaling of renewable power operations brings its own set of challenges, some of which are solved with digital systems. The technology we are building at Bitbloom is unique for the marketplace and is already used to increase asset value in Europe and beyond. With PNE’s support and network we can accelerate our efforts and extend our reach, and we now have a clear pathway to enable us to realise our ambitions”.
Nikola Zahariev commented that “We are very pleased to have supported PNE on this transaction, which was conducted in a collegiate spirit between all parties. Following our recent work for Piclo, Verna, RheEnergise and other start-ups and scale-ups, this transaction is yet another example of Lux Nova’s support for innovative contributors to the energy transition.”
