Energetix raises £2.5m in placing
ALTERNATIVE energy specialist Energetix Group is raising £2.5m through a placing of 10 million new shares at 25p per share.
The AIM-listed Cheshire company will use the funds to drive forward two products, Genlec and Pnu Power, and for general working capital purposes.
Energetix’s other business, Vphase has sufficient funding and is listed on AIM in its own right.
The institutional placing was arranged by Ambrian Partners, Energetix’s Nomad, and is conditional on shareholder approval next month.
Chief executive Adrian Hutchings, said: “This funding should enable the company to deliver the significant value we believe exists in both the Genlec and Pnu Power businesses.
“VPhase has already transitioned to a stand alone business, Pnu Power has completed the development of a range of products and this funding will enable us to provide Pnu Power with sales and marketing leadership.
“Genlec has predominately completed product development of the Kingston mCHP boiler and this funding will enable us to undertake the necessary field trials before commercial sales of this product. I am pleased that new and existing investors supported this placement. “
Pnu Power has developed compressed air batteries, which is a clean and reliable back-up power source.
Genlec is behind an integrated micro-CHP boiler appliance for the domestic market, under the trade name “Kingston”. Kingston is designed to generate 1kWe of power which can be utilised in the home, and any excess not used can be exported to the national electricity grid. It generates electricity using heat produced by a gas boiler.
Following the placing, Energetix, which is based at Capenhurst near Chester, says its will have sufficient working capital for at least the next 12 months.
