IIT specializes in energy efficiency improvement products and solutions and manufactures a range of mills. This is second investment of Millennium Private Equity since its investment in Kuwait Energy Company in January 2009.
Millennium Private Equity is listed in the Middle East Investors Directory with the code OR39.
Their full press release follows
Millennium Private Equity Ltd (MPE) recently announced an investment in UK based International Innovative Technologies Ltd (IIT), a clean energy technology development company specializing in energy efficiency improvement products and solutions. IIT manufactures a range of high quality, high output mills which are modular in design, cost effective to install and easy to operate.
The company's product line and process solutions cater to aggregates, construction and recycling businesses among other energy intensive sectors and has a growing list of companies interested in utilizing its products in many varied applications.
IIT's milling technology 'm-series' provides a higher throughput and energy saving of up to 90% when compared to a similar sized conventional ball mill. The m-series technology has capability to mill and mix a wide range of materials of varying hardness to a very fine particle size, without making any change in the mill design. m-series' modular design enables efficient multi-mill installation possibilities providing an alternative to a conventional ball mill installation.
MPE is a Sharia compliant private equity firm based in the Dubai International Financial Centre (DIFC) and regulated by Dubai Financial Services Authority (DFSA). This is MPE's Energy Fund's second investment since its investment in Kuwait Energy Company in January 2009.
Rabih Soukarieh, Chief Executive Officer of MPE said, "MPE's investment into IIT is also the first Islamic bond in the UK and the investment structure is unique in various aspects. MPE was able to structure the investment compliant with Sharia principles, secure convertible rights and provide the investor with synthetic preferred rights and dividends. The transaction provides a framework within which traditional investors looking for preferred returns and rights can structure the investment and still be Sharia compliant".
He further added that, "efficiency improvement technologies specially targeting energy intensive industries is expected to have greater impact on reducing carbon footprint, and IIT's products have potentially huge markets in multiple industries worldwide, but of particular interest to us, in the MENA region. IIT's patented technology addresses the core issue of substantially reducing the carbon footprint of existing processes combined with substantial cost savings for customers."
"We are very excited to have Millennium Private Equity come on board as a strategic investor and partner" said Tom Wilkinson, Chairman and CEO of IIT. "We welcome MPE's representatives, Nadeem Lodhi, Vally Khamisani and Nikhil Goel on to the IIT Board. Together, the team brings more than forty years of experience in Energy/Clean Technology and Investment Banking and Finance sectors. MPE as an investor will assist us in developing new markets and provide direction to our global growth plans."
The transaction was led by Millennium Private Equity as an Arranger. Herbert Smith, Dubai acted as Arranger's counsel and Michelmores, London acted as corporate counsel. Dar Al Sharia, Dubai acted as the Sharia advisors and Maples and Calder acted as Cayman counsel for the transaction.
IIT was advised by the London office of Norton Rose, with Newcastle based Hay & Kilner providing support on the relevant corporate documentation.
Previous Post: Dubai Angel Investor Fadi Ghandour interview on TechCrunch
Next Post: Qatari and UK investment firms jointly acquired stake in MHG