September 27 (Renewables Now) - Verditek Plc (LON:VDTK), the company producing lightweight solar panels in Italy, today raised GBP 600,000 (USD 739,500/EUR 676,400) in a share placing to speed up its growth plans, replenish working capital and fund a silicon/graphene solar project.
Institutional and other investors bought over 13.3 million Verditek shares at a price of GBP 0.045 apiece in the placing. An additional 444,444 shares are expected to be issued under a direct subscription, adding GBP 20,000 to the proceeds.
The price at which the shares were sold represents a 26.8% premium to the closing price of Verditek’s ordinary stock on September 25. Gavin Mayhew, a non-executive director, bought GBP 200,000 worth of shares, and CFO Tim Lord subscribed for 139,444 new shares for GBP 6,275.
The company said it will use the raised funds to speed up its growth plans as it moves to commercialisation, provide working capital for its Italian solar factory, which can currently produce 20 MW of modules per year, and cover its 50% share of the joint development programme with Paragraf, under which the two are working on a silicon/graphene integrated solar cell.
Verditek opened its Italian plant earlier this year. There it produces semi-flexible modules that weigh just around 2 kg per sq m. So far it has secured contracts with two distributors for 8 MW, while it estimates that its break-even sales target currently stands at 6 MW-7 MW per year.
(GBP 1 = USD 1.24/EUR 1.13)