London Stock Exchange welcomes Cogenpower plc
London Stock Exchange, today, welcomes Cogenpower plc (“Cogenpower” or the “Company”) to the start of dealings in its shares and admission to AIM under the ticker symbol CGP.
Cogenpower is a low-carbon energy business, using sustainable generation to supply cost effective and cleaner energy to urban communities. Based in Turin, Italy, the Company designs, builds, transforms, owns and operates high efficiency Combined Heating Plants with annexed District Heating (DH) distribution networks, known as CHPDH. The Company’s CHPDH schemes are designed to serve communities of up to 50,000 people. Cogenpower has two operating plants: Anaconda, its flagship operating power plant and Esseti Energia s.r.l. (“Esseti”), which the Company acquired on 1 December 2015.
Cogenpower is also a retailer of natural gas and electricity to domestic and commercial customers and a provider of energy services.
The Company has raised £1m and has a market capitalisation of £10m. The new funds are being used to provide additional funding for the development of Esseti and support the growth of the business in Italy and the UK.
Dr. Francesco Vallone, CEO of Cogenpower plc, commented:
“Our admission to AIM comes at an exciting point in the Company’s development and marks an important step in Cogenpower’s evolution to becoming a leading low-carbon energy business for urban communities. We have a robust and proven business model with recurring and predictable revenues generated by our highly automated systems and efficient CHPDH schemes which supply cost effective and cleaner energy. Our innovative technology is scalable, easily built and operated, enabling us to meet the rapidly growing demand for low-carbon community-based energy systems in de-regulated energy markets. We have operating plants in Italy and have identified the UK as our next growth area, as we see the drive toward decarbonisation and energy efficiency gaining strong momentum. Cogenpower aims to be at the forefront of this emerging market, working to provide a cleaner energy source to combat the effects of climate change.”
Allenby Capital Limited is acting as Nominated Adviser and Broker to the Company. EnVent S.p.A. is the Financial Adviser to the Company in Italy and EnVent Capital Markets Limited is the Placing Agent. The legal advisers are Charles Russell Speechlys LLP (London) and Grande Stevens (Italy). BDO LLP is the reporting accountant and Cardew Group is the Financial PR adviser to the Company.