25 May 2012

Zenergy raises £9.5m

29/04/2009 Robert Tyerman

Superconductor technology specialist Zenergy Power has raised £9.5 million at 120p to develop clean energy devices.

Chaired by shareholder Michael Fitzgerald, the AIM-quoted loss-making company, which specialises in clean energy devices, says the issue, which was oversubscribed by existing and new investors, will go to expand its commercial activities in the USA. London-based Zenergy, which is developing ‘smart grid’ technology with utility Consolidated Edison to spare New York City power interruptions, sees significant potential opportunities arising from federal government funding programmes for utilities using this technology and industries spending on energy efficiency.

Zenergy lost £4.8 million last year on revenues up more than sevenfold to £1.8 million. Its shares, which surged from 94p to 318p between 2006 and 2007 before falling back again, now trade at 134p, up 3.5p this morning and valuing the company at £59.6 million.

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Tags: Cash, Deals & contracts, Fundraisings, Growth Stocks, Renewables, Technology

Sector: General Industrials

Companies: Zenergy Power

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