Subscribe today and receive an extra account for free.
Subscribe
Deployment of Minesto's Deep Green technology. Source: Minesto AB. License: All rights reserved
February 12 (Renewables Now) - Swedish marine energy developer Minesto AB has secured SEK 44.4 million (USD 4.8m/EUR 4.2m) through a warrants programme that will enable it to fund the commercialisation of its Deep Green subsea kite technology.
In what resulted in a subscription rate level of 97.8%, the company has received subscriptions for 6.34 million of new shares, it said in a press release on Monday.
The funds, part of which will be used to cover issue costs, will help Minesto to proceed with the development of the Deep Green technology for the production of electricity from slow tidal streams and ocean currents through the use of subsea kite turbines. Additionally, the financing will support existing and new projects, CEO Martin Edlund said.
The new stock will trade on the Nasdaq First North as soon as the issue has been registered with the Swedish Companies Registration Office and Euroclear. This is expected to take place around three weeks after the end of the subscription period on February 8.
Stockholm Corporate Finance AB was Minesto’s financial advisor in the transaction, while legal counsel was provided by MAQS Law Firm.
(SEK 1.0 = USD 0.107/EUR 0.095)
Bonheur ups 2018 onshore wind profit, but posts offshore wind loss
Feb 13, 2019 11:27 CEST
Weekly renewables M&A round-up (Feb 4-10)
Feb 11, 2019 14:33 CEST
to-the-point: Rabbalshede Kraft buys 4-turbine wind project in Sweden
Feb 08, 2019 9:18 CEST
Vattenfall's 2018 op profit declines 17% despite growth in wind
Feb 07, 2019 13:38 CEST
Europe adds 2.6 GW of offshore wind in 2018
Feb 07, 2019 8:22 CEST
Minesto seeks manufacturer of wings for latest tidal device
Feb 05, 2019 13:19 CEST