November 28 (Renewables Now) - The board of directors of Sweden-based solar thermal power specialist Azelio AB earlier this week approved a rights issue to raise about SEK 310 million (USD 36m/EUR 33m) net.
The subscription price in the rights issue is SEK 7.10 a share, with six subscription rights entitling the holder to subscribe for seven new shares.
With a number of existing shareholders subscribing for more shares than originally intended, the rights issue is now secured to about SEK 300 million, the company said.
The record date for participation in the rights issue is December 5, with the subscription period running from December 9 till December 23.
Azelio will use the proceeds from the capital increase to fund its ongoing operations and to commercialise its Thermal Energy Storage (TES) and Stirling based electricity production technology.
(SEK 1.0 = USD 0.12/EUR 0.11)