Weekly renewables M&A round-up (Dec 2-6)
Dec 06, 2019 15:48 CESTFebruary 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)
Weekly renewables M&A round-up (Dec 2-6)
Dec 06, 2019 15:48 CESTSwedish venture capital firm Midroc rejoins clean energy firm Powercell as shareholder
Dec 06, 2019 15:11 CESTAmazon secures 322 MW of renewables in European PPA spree
Dec 05, 2019 13:49 CESTBayWa sells 14.4-MW wind farm in Sweden to Taaleri Energia
Dec 03, 2019 13:44 CESTWeekly renewables M&A round-up (Nov 25-29)
Dec 02, 2019 10:17 CESTEolus transfers 163-MW Swedish wind farm to Aquila
Dec 02, 2019 8:07 CEST