03/08/2007
Green technology play Renewable Energy Holdings has raised £4 million at 50p to develop further wind and wave power projects.
Broker Panmure Gordon handled the placing for Isle of Man-based Renewable, which is also receiving another £2.35 million at 50p through the exercise of previously issued warrants. Chief executive officer Mike Proffitt said the money, after £250,000 expenses, will help the AIM-quoted concern develop and expand its wind power operations in Germany, Poland and Wales, and advance the commercialisation of its 'CETO' wave power technology.
Renewable Energy, which lost £1.5 million in the six months to last December, also has a debt facility with Standard Chartered Bank to help move its projects along. At 52.5p, the shares, which fell from 75.5p in 2005 to 33p last year, value the company at £23.8 million and offer long-term speculative possibilities for green investment fans.
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