Independent UK law firm Burges Salmon has advised FirstGroup Energy Limited, the energy investment arm of leading transport operator FirstGroup, on its first venture investment into its electrification partner KleanDrive. The £1 million investment accelerates KleanDrive's ambition of converting existing diesel and petrol vehicles into electric vehicles.
The Burges Salmon team advising FirstGroup Energy was led by partner Alex Lloyd and associate Niall Mackle from the firm’s Corporate and M&A team. FirstGroup is a longstanding client of Burges Salmon, with the firm recently supporting the Group’s national bus fleet and infrastructure decarbonisation programme with two interconnected projects relating to the investment into, and deployment of, up to 1,000 electric buses, saving up to c.56,000 tonnes of CO2 a year.
Alex Lloyd comments: “Our Sustainable Transport team is at the forefront of accelerating the decarbonisation of vital infrastructure and we are engaged on some of the most high-profile and nationally significant projects across the sector, helping our clients deliver on their ESG priorities and setting new standards in the industry. It’s been a pleasure working with FirstGroup Energy on its first venture investment, which aligns with the Group’s ambition of supporting innovative technologies within the sustainable transport value chain, working collaboratively with its suppliers, partners and stakeholders to boost its decarbonisation efforts. This transaction is another example of how our sector expertise, combined with our venture and emerging companies practice, is helping to drive decarbonisation.”
Faizan Muhammad, Investment Director of FirstGroup Energy Limited, adds: “KleanDrive’s cutting edge technology offers a complementary option, and greater coverage, to support fleet operators in their decarbonisation efforts and is consistent with our focus on accessing new and innovative solutions through targeted investments. We’re grateful to Alex and Niall for their support and excellent legal advice throughout this transaction.”
Burges Salmon’s Sustainable Transport team works across the entire transport sector including rail, highways, road transport, aviation and marine and ports. With a unique blend of sector and net zero expertise, supported by a cross disciplinary team of experts, the firm covers all aspects of transport law; from funding, corporate ventures and operations to construction, development and disputes.