International TMT law firm Olswang has advised multi-award winning client Naked Energy, a solar technology company, on Intellectual Property, commercial agreements and funding rounds necessary for the success of its award-winning product, Virtu. This week, the UK Department of Energy & Climate Change (DECC), through its Energy Entrepreneurs Fund, has awarded Guildford-based Naked Energy €1m to support the continued development of its state-of-the-art solar technology.
Naked Energy was founded in 2009 with the aim to develop and commercialise a revolutionary hybrid solar panel. Their product's design moves the heat away from solar cells, increasing electricity output and providing hot water. The product results in a greater power output than standard photovoltaic panels. Naked Energy has now secured funding for its first pilot projects scheduled to begin in mid-2014. In addition, the company has secured a further €300,000 grant from The Climate-KIC, Europe's largest public-private innovation partnership working to address the challenge of climate change.
As a full service law firm with a 100-strong IP European team, Olswang has been instrumental in providing Naked Energy with the scaled up legal support it needed, from the early stages of protecting their most valuable asset, Intellectual Property, through patent applications and global patent portfolio management, to the commercial agreements required to develop their technology. Olswang also supports Naked Energy with the corporate law advice essential to growing its business.
Christophe Williams, Founder and CEO of Naked Energy, commented, "For a technology company like ours with a view towards future growth, it is absolutely necessary to have in place the right IP support. Justin Hill at Olswang has always been very supportive, understanding our specific concerns and providing advice on different aspects of the business. We look forward to working together more as we expand our company."
Partner Justin Hill, Patent Attorney and Co-Chair of the Patent Prosecution Group at Olswang, has been working with Naked Energy since 2010. Justin comments: "A variety of lenders, from funds to governments around the world, are looking to the TMT sector as one of the fastest growth paths to drive the economy. It is therefore imperative that we support our world class Small and Medium Enterprises in the tech space in capitalising on their intellectual property: they must understand the potential of their IP, protect it and use it as a tool of the business to build a solid case for investment. Naked Energy is the perfect example of how innovation, if protected and exploited properly, can lead to success. At Olswang we are always thrilled to see companies like Naked Energy, in which we've believed since the beginning, grow and thrive."
