£9m fundraise for green energy spin out

Olivier Muscat, CEO of Atome Energy

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.