20th Jul 2015 08:42
LONDON (Alliance News) - Biomass energy generation company Aggregated Micro Power Holdings PLC on Monday said it has secured funding for its biomass boiler portfolio via Aggregated Micro Power Infrastructure Ltd.
Aggregated Micro Power Infrastructure has completed a capital raising of GBP4.8 million from institutional investors, bringing the total loan notes issued by Aggregated Micro's subsidiary to GBP6.7 million. No pricing or any further details were provided on the terms of the capital raising.
Aggregated Micro said it will use the funds to back its small scale biomass boiler portfolio, which will allow it to generate development fees from its boiler pipeline.
"This is a landmark transaction. Our small scale biomass boiler business is doing well. Our target at IPO in July 2014 was to develop GBP5 million of boilers per annum and this latest fundraise by AMPIL enables us to achieve this target. Our pipeline is very strong and we expect further tap issues to be undertaken by AMPIL as more boiler installations complete," said Chief Executive Richard Burrell.
Aggregated Micro shares were down 0.6% to 83.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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