Czech-based renewables energy company E4U says its plans to launch an Initial Public Offering (IPO) of its shares on the Prague Stock Exchange (BCPP). The company has just under 2.4 million shares with a nominal value of Kč 100 each and plans to place 1.17 million shares in the IPO, E4U said on its website. The cash raised will be used to fund new projects.
E4U has lined up investment opportunities in the newer technology of solar heating plants.
E4U, which already has two solar power facilities in south Moravia, says it has lined up more investment opportunities in conventional production of electricity of solar power as well as the newer technology of solar heating plants. These rely on solar power heating water which can be stored at high temperature for several months and then piped to the customer.
E4U says the development and roll out of this technology could revolutionize the heating and energy market.
The company says it has already signed a deal giving it first right to all solar heat projects developed by Czech partner Barx Energy with the option covering projects worth Kč 10 million. The company says solar heating technology is already being used to heat buildings in Germany and Austria.
E4U, which says it can offer an above average return on capital of 6-8 percent a year, is also looking to develop into biogas power plants and solar power plants in Slovakia.
The company reportedly plans a joint news conference with the stock exchange about its IPO offer on August 4.