September 7 (Renewables Now) - Strat Aero Plc (LON:AERO) said this week it has completed the acquisition of additional shares in GyroMetric Systems Ltd, becoming the company's controlling shareholder.
Strat Aero bought a further 228,000 ordinary shares in GyroMetric from Braveheart Investment Group plc (LON:BRH) for GBP 273,600 (USD 354,800/EUR 306,500), paid via the issue of new Strat Aero shares. The deal boosts Strat Aero's stake in GyroMetric from 36.9% to 57.8%, and from 33.8% to 53% fully diluted based on the options currently exercisable.
GyroMetric focuses on next-generation digital monitoring and safeguarding technology and services for rotating shafts. More recently, the firm has moved into monitoring and protecting wind turbines, according to the announcement. Its technology has been tested at the offshore wind turbine drive train test facility at the Offshore Renewable Energy (ORE) Catapult in Blyth to improve the understanding of how components behave in use, with the aim of enhancing turbines' efficiency and output and limiting unplanned maintenance.
Strat Aero said the deal demonstrates its increased confidence in GyroMetric's prospects. It also sees potential synergies between its Geocurve survey and inspection business and GyroMetric as both have similar development needs for artificial intelligence (AI)-based data monitoring, processing, management and storage.
(GBP 1 = USD 1.297/EUR 1.120)