CASE STUDY
Leclanché Signs Key Partnership Agreement with Pinnacle Int.
Client: Leclanché Batteries
Requirement: $600m raise
Purpose: Capex and Opex Scale up
Background:
A leading developer and manufacturer of world leading battery solutions to the Marine, Rail, Heavy off-road (Mobility) and BESS stationary markets, Leclanché are unique in developing their own proprietary cell technology.
They were poised for serious growth, if they could secure the scale-up funding required to satisfy demand from their extremely healthy order book.
We were invited to support this funding exercise in December 2023, by which point Leclanché had already been engaged with a leading investment bank for nine months with no clear line of sight of any funding options.
Our brief was simple: identify and secure these funds. Working unilaterally to their investment banking partner and on a non-exclusive basis, the team at BGI got to work.
Our first three key tasks were:
01
Research and create a highly meticulous funder target list from both the private equity and industrial markets.
02
Review and improve the teaser and Pre-NDA deck material to ensure the Leclanché proposition and message was clear, concise and compelling. Most importantly, it engendered a strong level of interest from our researched target list.
03
Approach key contacts from our immediate network through conversations that were followed up with our reworked Pre-NDA material.
We combined these key components to build an exacting and robust campaign to secure these funds.
As a result, we gained considerable momentum and interest from which we were able to select the most suitable funders to present to our contacts at Leclanché. We arranged a total of 7 pitches within 6 weeks.
By February of 2024 we had three funds highly engaged, one of which offered a letter of interest in this same month. By April of 2024 we had two separate term sheets under consideration that would result in further negotiation and subsequently a binding term sheet in place by July 8, 2024.
This has since been consolidated to a binding framework agreement and is now subject to due diligence which is expected to be completed successfully by October 2024. This is in contrast to the investment bank Leclanché engaged who were unable to deliver any offers.
Recent Testimonials
As a leading developer of Linear Generator technology, Libertine has worked with BGI in 2025 to develop a seed round funding strategy for our new JV businesses for international expansion. In just three months BGI has connected us with nine well-targeted prospective investors, at least two of whom we are planning to progress with into detailed diligence. BGI’s support has been extremely valuable, helping us to develop our funding pipeline at pace. Their deep expertise and network of relevant ESG investors, coupled with their coaching and contributions to our introduction and pitch materials has been extremely valuable, helping us sharpen our messaging for maximum impact. BGI is more than a funding advisor—they aim to help us form close partnerships with aligned investors who can help us scale for impact well beyond our present funding cycle.
Sam Cockerill Libertine FPE Limited
The team at BGI have proven themselves to be a formidable force that sets itself ahead of the pack by completing that most important task, finding the money. Having worked with the team for the past 2 years on various projects, I am still amazed by their attention to detail and professionalism. Most importantly, their passion to get the job done.
Paul Charles American Battery Factory
Ecellix, where I serve as CEO, is a Seattle based company specializing in high-capacity silicon anode materials that offer a drop-in and significantly higher energy capacity replacement for current graphite anodes in lithium-ion batteries. Our eCell™ materials enable breakthrough performance with industry leading energy density, cycle life and costs ushering in a new generation of ultra-high capacity Li-ion batteries for EVs, devices, tools and grid applications. Our continued growth requires significant and timely investment. In a challenging economic environment traditional Investment Banks and Financial Advisors have been less effective in identifying suitable funders, thus we engaged BGI. As they are not Financial Advisors, BGI are able to focus on proactively sourcing the right funding options through their extensive network. Over the past several months of working with BGI, we have seen a considerable improvement in our pipeline of private and industrial PE funders leading to a significant uptick in deal flow. This includes several qualified prospects with whom we are engaged in extended dialogue on potential strategic relationships and substantive funding opportunities. This success is attributed to BGI's commitment to pace, diligence, and meticulous care, complemented by their profound understanding of the funding landscape within the technology sector, particularly in battery materials. Furthermore, their support in preparing for and following up on pitches has been invaluable. If you operate in the tech industry and are looking for a funding introducer with a deep understanding of the space, I highly recommend considering the BGI team and their approach.
Jerry Schwartz Ecellix Inc.
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