Allen & Overy LLP has advised SAEV Guernsey Holdings, Ltd. (SAEV), a subsidiary of Saudi Aramco, the largest oil and energy group worldwide, on its equity stake in technology start-up NexWafe GmbH, a spin-off company by Fraunhofer ISE based in Freiburg, Germany.

Leading the financing round, SAEV invested into NexWafe alongside Green Gateway Fund 2 advised by Wermuth Asset Management GmbH and existing shareholder Lynwood (Schweiz) AG. The funds will be used for the commissioning of NexWafe’s 5 MW EpiWafer production line in Freiburg, and for initial customer qualifications.

NexWafe GmbH will supply to solar cell producers superior quality monocrystalline wafers that are fully compatible with standard cell and module fabrication processes. In its disruptive EpiWafer process, crystalline silicon layers are deposited on seed wafers and subsequently detached to produce freestanding wafers, of any desired thickness without kerf loss.

The Allen & Overy team among Düsseldorf based lead partner Dr Murad Daghles advised SAEV on all key aspects of the transactions including next to comprehensive corporate law advice, the advice in relation to complex IP and tax issues.

The Allen & Overy team comprised next to partner Dr Murad Daghles (Corporate, Düsseldorf) and senior associate Daniel Martin Schulz (Corporate, Hamburg), partners Dr Jens Matthes (IP, Düsseldorf) and Jürgen Schindler (Antitrust, Brussels), counsels Dr Christian Hilmes (Real Estate, Hamburg) and Dr Dirk Schade (Tax, Munich), senior associates Dr Vera Luickhardt (Employment, Düsseldorf), Dr Andreas Ziegler (Public Law, Frankfurt), associates Dr Conrad Schulte-Wintrop (Düsseldorf), Dr Moritz Merkenich (both Corporate/M&A, Hamburg), Karl-Georg Küsters (Tax, Düsseldorf), Dr Linda Wittor (Public Law, Frankfurt) and Dr Benjamin Geisel (Antitrust, Brussels).

Partner Zeyad Khoshaim and Associate Leen Zaza (both Corporate) provided legal advice from the Allen & Overy cooperation office Khoshaim & Associates in Riyadh/Saudia Arabia.