Dechert advised South Korea’s investment manager IMM Global on the structuring, formation and closing of its IMM Global Battery Fund I, which is structured in the form of a Hong Kong limited partnership fund.
The Dechert team in Hong Kong was led by partner Michael Wong, with support from senior associate Mack Wan and associate Gilbert Cheng.
“This fund formation allows IMM Global to invest in meaningful businesses across the electric vehicle battery value chain, which is dedicated to addressing the global challenge of energy transition,” said Wong. “The fund is particularly unique, as it was structured in the form of a Hong Kong limited partnership fund, which deviates from the more traditional fund structure we typically see for this type of transaction.”
Through the fund, IMM Global has led a series A investment round in Canadian lithium-ion battery recycling startup Lithion Recycling, in January 2022, which is expected to reach up to CAD125 million (USD99 million).
Lithion Recycling has developed an efficient process to recover up to 95% of the strategic metals contained in lithium-ion batteries. This technology reduces the over-reliance on natural resource extraction and helps to accelerate the global transition to green energy.
