April 27 (Renewables Now) - German agrivoltaics developer Next2Sun AG is seeking to raise up to EUR 1.9 million (USD 2.02m) on a crowdfunding platform and plans to launch an initial public offering (IPO) this year.
The share issue, which was launched on crowdfunding platform Econeers in March, has already attracted more than 500 investors who have bought shares for more than EUR 1 million, Next2Sun said on Tuesday.
The shares are offered at EUR 95 apiece, valuing the company at EUR 10 million. The subscription period runs until September 30, with the minimum subscription volume set at five shares.
The proceeds from the fundraiser will be used for the expansion of the company's domestic and international agrivoltaic and bifacial solar fence operations. The share issue will provide financial leeway for larger projects and will enable the company to take advantage of opportunities that arise, CFO Sascha Krause-Tuenker said via the crowdfunding platform.
The stock market listing, planned for 2022, is expected to make the company more flexible in shaping its development as it would enable it to raise fresh funds through share issues, when necessary, while giving strategic partners the opportunity to invest in Next2Sun, said CEO Heiko Hildebrandt.
Next2Sun specialises in agrivoltaic systems and solar fences. Its ground-mounted systems feature vertically stacked bifacial glass-glass modules. The solar fence, offered by the company, is also equipped with bifacial glass-glass modules and serves as an enclosure in ecological livestock farms. The company has already implemented projects in Germany, Austria, France, Sweden, Ireland, and South Korea.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.