IN BRIEF: Active Energy raises funds to pursue energy opportunities
Active Energy Group PLC - London-based, biomass-focused renewable energy developer - Plans to raise £2.5 million by a placing to institutional and other investors at 0.075 pence per share. The placing will be conducted by way of an accelerated bookbuild, arranged by Zeus Capital Ltd. Each placing shares will have one warrant attached. Net proceeds will be deployed across a ‘robust pipeline of opportunities’ in the renewable energy/power sectors and for general working capital purposes.
In particular, says funds will help advance an initial pipeline of 10 commercial rooftop solar and battery installations, including site mobilisation, lease execution, and planning/connection costs. This programme is expected to generate contracted revenues of over £10 million over 20 years and forms the foundation for a scalable renewable energy portfolio. Also, looks to harness surplus energy from both renewable and conventional sources, enabling access to ultra-low-cost power in the UAE. As part of working capital management, the company will continue to implement its digital assets treasury strategy, pursuant to which, no more than 30% of the company’s treasury will be held in digital assets at any given time.
Current share price: 0.16 pence, up 5.9% in London on Tuesday
12-month change: down 12%
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