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(Alliance News) - European Green Transition PLC on Monday started trading on the AIM market of the London Stock Exchange, in a bid to contribute to its existing green economy projects.
European Green Transition intends to invest in a portfolio of green economy assets in Europe. These include critical materials projects, solar and wind farms, and rehabilitation and processing projects. It has a launch portfolio of assets, including the Olserum rare earth element project in Sweden.
The company had a market capitalisation of around GBP14.5 million on admission. It raised GBP6.5 million at a price of 10 pence per share.
Shares in European Green rose 5.3% to 10.53p each on Monday morning.
Chief Executive Officer Aiden Lavelle said: "Today's listing and fundraise is a crucial milestone for EGT. The funds raised will contribute to our existing green economy projects which are intended to support the energy transition across Europe, notably the Olserum rare earth project in Sweden. Additionally, the fundraise will strengthen the company's position to acquire what we believe are distressed and undervalued green economy assets in Europe."
Co-Founder Cathal Friel said: "The EGT team and board have a strong track record of scaling mergers & acquisitions focused companies on AIM, notably Cove Energy PLC, Amryt Pharma PLC and hVIVO PLC, and we are confident we can replicate this tried and tested approach. I am particularly excited by the significant opportunity that EGT aims to capitalise on in Europe as we move from the dependence on fossil fuels towards a green, renewables-focused economy, and I have personally invested a further GBP300,000 in the IPO alongside the incoming investors on top of my significant investment in EGT to date."
By Tom Budszus, Alliance News slot editor
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