Atome Energy PLC - Leeds-based producer, marketer and distributer of green hydrogen and ammonia which was formed by President Energy PLC - Plans listing on AIM segment of London Stock Exchange on December 30. Expects an 80 pence per share issue price, but did not give an amount to be raised or its anticipated market capitalisation.
However, in a separate announcement, President Energy - an oil & gas company focussed on Latin America - says Atome will raise up to GBP9 million via a subscription through PrimaryBid. Atome to be valued pre money at GBP20 million, it added.
Atome has two operating subsidiaries, Atome Paraguay based in Paraguay, and Green Fuel based in Iceland. Both subsidiaries have commenced operational planning, sourcing and negotiations with green electricity suppliers, equipment providers and offtake partners.
Proceeds from the placing are expected to be used to progress Atome Paraguay and Green Fuel's planning and development activities ahead of formal commitments on plant procurement and infrastructure investment, as well as general working capital for the group and to meet the costs and expenses of admission.
Atome is led by former chief investment officer of Global Energy at the World Bank's International Finance Corp, Olivier Mussat.
President Energy has an 85% take in Atome.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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