TGS Baltic has advised the SmartCap Estonian state fund on its investment in the EUR 4 million seed round of local deep-tech start-up Up Catalyst. German climate technology fund Extantia led the round which included existing investors Sunly, Little Green Fund, Scottish Baltic Invest, and UniTartu Ventures.
Up Catalyst develops technology that can turn carbon dioxide into graphite and other carbon materials, TGS Baltic reported. With the funding, the company will build an industrial pilot reactor capable of processing 100 tons of carbon dioxide annually and producing 27 tons of carbon materials, making Up Catalyst the largest provider of green graphite in the world.
According to TGS Baltic, the transaction was structured partly in a convertible loan agreement, and partly in pure direct equity investment.
SmartCap is a fund manager registered with the Estonian FSA and a subsidiary of the Estonian Business and Innovation Agency.
The TGS Baltic team was led by Partner Kadri Kallas and Senior Associate Mirko Kikkamagi and included Associate Partner Triinu Jarviste and Lawyer Grete Kruustuk.
