LONDON (Alliance News) - Low-carbon energy business Cogenpower PLC was admitted to trading on AIM on Friday, having raised GBP1.0 million.
Cogenpower raised the funds by placing 50.0 million shares at 20 pence each, valuing it at GBP10.0 million by market capitalisation on admission to trading. It said it will use the funds to provide additional funding for development of its recent acquisition, the Esseti power plant, as well as expanding its brand in the UK and Italy.
Cogenpower designs, builds, builds, owns and operates high efficiency combined heating plants with annexed district heating distribution networks.
The company, which is also a retailer of natural gas and electricity to domestic and commercial customers and a provider of energy services, generated EUR5.8 million revenue for the year ended and EUR1.1 million earnings before interest, tax, depreciation and amortisation.
Revenue for the first six months of 2015 was EUR3.8 million, up 19% on the previous period. Ebitda was up 43% at about EUR600,000.
Allenby Capital Ltd is acting as nominated adviser and broker to the company. EnVent SpA is its financial adviser in Italy and EnVent Capital Markets Limited is its placing agent.
"Our admission to AIM comes at an exciting point in the company's development and marks an important step in Cogenpower's evolution to becoming a leading low-carbon energy business for urban communities," Chief Executive Francesco Vallone.
"We have operating plants in Italy and have identified the UK as our next growth area, as we see the drive toward decarbonisation and energy efficiency gaining strong momentum," said Vallone.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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