£9m fundraise for green energy spin out

Atome Energy, the green hydrogen and ammonia production company which is to spin out from President Energy has completed a £9m fundraise.

The funding which includes a £6m share placing and an agreement from Peter Levine through PLLG Investments to provide the business with a standby equity facility of up to £3m if it is needed for the balance.

The announcements comes ahead of the publication of its admission documents for AIM Listing which are expected today ahead of a listing on 30 December.

This latest funding will enable the business which was previously valued at £20m, to reach the point of final investment decision in respect of both of the currently announced projects in Iceland and Paraguay without the need for further funding.