TIDMLCA

RNS Number : 8678H

Low Carbon Accelerator Limited

06 June 2011

Low Carbon Accelerator Limited

Investment Update: Responsive Load Limited ("RLtec")

6 June 2011

Low Carbon Accelerator Limited (AIM: LCA) today announces that it has sold 175,747 Preference B shares in ResponsiveLoad Ltd (trading as 'RLtec') to Ombu Limited ("Ombu") for a cash consideration of GBP1.23 million.

This transaction represents a 23% uplift in the current carrying value of RLtec as set out in LCA's latest annual report and a 70% increase in value by reference to LCA's adjusted book cost of investment in RLtec.

Following this partial disposal, LCA will retain a stake of 31.5% on a fully diluted basis in RLtec, valued at GBP4.46 million, as adjusted to reflect the disposal price.

RLtec has developed smart grid-management technology called Dynamic Demand to increase the energy efficiency of the whole electricity supply chain, from white goods and appliances through to large scale power generators.

Ombu is a UK holding company, established to acquire and invest in fast-growing, advanced technology companies. It is anticipated that Ombu will make an investment directly into RLtec to fund its commercial roll-out.

LCA has moved into a phase of harvesting value in its portfolio and this transaction marks the first material cash realisation for the fund. As further realisations crystallise the fund will seek opportunities to return value to shareholder.

Dr Steve Mahon, Chief Investment Officer for Low Carbon Investors, the investment manager for Low Carbon Accelerator, said:

"This is the Company's first cash realisation and validates our investment strategy."

"We see an attractive future ahead for RLtec and believe that there is still significant scope for value creation. We are delighted to be working with Ombu, which shares our vision for growing RLtec into the leading smart grid business. Through our remaining holding in RLtec, we will continue to support the business and its shareholders in realising its value."

Stephen Brooke, the Chief Executive Officer of Ombu Limited, said:

"RLtec represents an excellent start for Ombu. It is successfully commercialising world class technology that enables the provision of a compelling service in a large and growing market. We are delighted to be able to provide our support at this exciting stage of the Company's development and look forward to working closely with the management team, LCA and other shareholders to drive RLtec's growth."

-ends-

Enquiries:

 
 Low Carbon Investors Limited 
 Steve Mahon, Chief Investment Officer   Tel: +44 (0)20 7631 
                                          2630 
 
 Grant Thornton Corporate Finance 
 Philip Secrett / Colin Aaronson         Tel: +44 (0)20 7383 
                                          5100 
 
 RedleafPolhillCommunications            lca@redleafpr.com 
 Alicia Jennings                         Tel: +44 (0)20 7566 
                                          6750

Notes to Editors:

About Low Carbon Accelerator: www.lowcarbon.gg

Low Carbon Accelerator Limited is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company listed on the AIM Market of the London Stock Exchange on 11 October 2006, raising GBP44.5 million. On 26 June 2009, the Company announced that it had raised a further GBP10 million, net of expenses, following the successful placing of a further 41.6 million shares.

The Company invests principally in companies which provide low carbon products and services across the following sectors:

-- Energy efficiency (reductions in energy inputs at source, improved conversion and reductions at point of use)

-- Energy generation (sustainable and clean energy, micro and distributed generation)

The Company's investment strategy is to target trading businesses with patentable technologies and products with a clear commercial application and the opportunity to gain a large market share of a new or expanding market. The Company focuses on businesses with experienced management teams who have developed commercially viable products providing easily adoptable solutions which deliver immediate reductions in carbon dioxide emissions.

About Ombu Limited

Ombu is a UK holding company, established to acquire and invest in fast-growing, advanced technology companies.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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