Australian Wasabi Energy to start London trading on Friday

(ADPnews) - Nov 29, 2010 - Australian green energy investor Wasabi Energy (ASX:WAS) will debut on the London Stock Exchange on Friday, its chairman John Byrne said today.

He said the company had offered shares to several international institutional investors in a private placement as part of the listing, raising GBP 4.9 million (USD 7.7m/EUR 5.8m).

Among the major investors Byrne named Audley Capital Advisors, which bought GBP 2 million worth of shares, taking a 9.5% stake in Wasabi Energy, and Blackrock Investment Management with an undisclosed share purchase amount.

Byrne added that the company is in advanced talks to launch its Kalina Cycle plants in several areas. The Kalina Cycle technology reduces the cost of thermal power generation as it lowers the boiling point of water by introducing ammonia. It has been developed by Wasabi Energy's subsidiary Global Geothermal Limited.

(GBP 1.0 = USD 1.561/EUR 1.179)

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