18th Jul 2014 08:58
LONDON (Alliance News) - Shares in renewable-energy supplier Aggregated Micro Power Holdings PLC started trading on London's AIM market Friday, with a market capitalisation of GBP25.7 million at its initial public offering price of 100 pence.
The UK-focused renewable energy developer focused on biomass power generation, which was untraded at 0957 BST on Friday, said that if its year ahead goes to plan it should start paying dividends from 2015.
Aggregated Micro Power said its IPO raised GBP9.5 million for the company, and it plans to use the proceeds to finance the development costs of its current pipeline of renewable energy projects, particularly further gasification projects and biomass boiler installations.
The company's existing assets include a 1 megawatt gasification plant and heat-dried wood chip sales business in Cumbria along with the provision of biomass boilers to schools, car homes and health spas.
AMP has a pipeline of projects including two gasification projects to be commissioned by the end of 2015.
"The combination of our gasification (combined heat and power) projects and biomass boiler installations offers investors the opportunity to invest in much-needed renewable energy infrastructure, but also in a portfolio of projects that will bring a steady stream of highly visible revenues which will underpin our ambitions for the payment of a progressive dividend commencing from 2015," Chief Executive Richard Burrell said in a statement.
By Tom McIvor; [email protected]; @TomMcIvor1
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