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Cleantech magazine, a Cleantech Investor publication

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Ireland's Kedco defies credit crisis to list on AIM

First published in Cleantech magazine, November 2008. Copyright Cleantech Investor Ltd 2008.

Ireland’s Kedco Plc defied the tough economic conditions with an AIM listing in October. Kedco was admitted to AIM through an introduction, at a price of €0.175 per share, valuing the company at €34.9 million. The company had raised funding privately earlier this year and did not raise any additional money. Kedco produces electricity from sustainable fuel sources using various technologies, including gasifi cation and dry fermentation. Strategy is to operate with medium sized waste operators, local authorities, food companies and agricultural operators throughout Ireland and the UK. It is anticipated that the AIM listing will be benefi cial in dealing with potential customers. The broker is Lewis Charles Securities and Deloitte Corporate Finance is acting as NOMAD.

Indian energy fund sets record for AIM fund raising year-to-date

First published in Cleantech magazine, July 2008. Copyright Cleantech Investor 2008

The KSK Emerging India Energy Fund Limited (KEF) listed on AIM and the CISX in June. At the placing price of 100p, the market capitalisation of the fund was £101 million. The shares began trading at 112p, but the price has since slipped back towards the issue price level since then. The KSK Emerging India Energy issue represented the largest fund raising on AIM this year to date.

Portuguese renewable giant joins Euronext Lisbon

First published in Cleantech magazine, July 2008. Copyright Cleantech Investor, 2008

The IPO by EDP Renováveis SA (EDPR), the renewables subsidiary of Portuguese electricity company Energias de Portugal (EDP), was the largest European IPO this year so far when the shares started trading on the Euronext Lisbon Stock Exchange in June. The shares began trading at a price of €8, in the middle of the €7.4 – €8.9 price range. The company raised €1.6 billion through the IPO, valuing the entire business at €7.2 billion. The share price has subsequently slipped back to below the €7 level. EDP Renováveis plans to use the proceeds from the share offering to increase its installed wind capacity to more than 10.5GW by 2012. With the purchase of Texas based Horizon Wind Energy LLC last year, EDP Renováveis became the fourth largest wind power operator in the world. Its gross installed wind capacity at the end of March this year had reached 3.7GW.

FREE CONTENT: Trickle of water IPOs defy difficult market conditions…

First published in Cleatech magazine, July 2008. Copyright Cleantech Investor 2008

While the credit crunch effect has dammed (damned?) the flood of new issues in the cleantech sector, several water and water treatment sector companies have managed to list in the US. Energy Recovery (ERII), American Water Works Co. Inc. (AWK.N), and Cascal (HOO:US) all managed to IPO, although not always at the initial price planned. Of the three, Energy Recovery is perhaps the most ‘pure’ cleantech play.

MARKET TURMOIL HITS SOLAR IPOS