12 Feb 2016

Fox Williams advised leading AIM nominated advisor and broker Allenby Capital Limited (“Allenby”) on the recent AIM IPO of Cogenpower Plc (“Cogenpower”) – the first company to IPO on AIM in 2016.

Cogenpower designs, builds, transforms, owns and operates high efficiency Combined Heating Plants (“CHP”) with annexed District Heating (“DH”) distribution networks, known as CHPDH which are schemes designed to serve communities of up to 50,000 people. Cogenpower is also a retailer of natural gas and electricity to domestic and commercial customers and a provider of energy services.

A CHP plant with DH networks requires the burning of fuel, such as natural gas, and renewable sources, such as biomass, for use in producing electricity and heat. Cogenpower’s heat storage system allows for heat that would otherwise be wasted in conventional power plants to be utilised productively. Electricity is generally sold through a bilateral contract to a wholesaler and fed into the national power grid, whilst heat is distributed and sold to households, businesses and amenities within the vicinity of the power plant, creating an energy efficient district.

Cogenpower raised the funds by placing 50 million shares at 20 pence each, valuing the company at £10 million on admission to trading. Cogenpower intends to use the placing proceeds to provide additional funding for the development of its recent acquisition, the Esseti power plant, as well as expanding its brand in the UK and Italy. Allenby acted as nominated advisor and broker to Cogenpower while EnVent S.p.A. acted as Financial Adviser to Cogenpower in Italy and EnVent Capital Markets Limited as the Placing Agent.

Head of Corporate Richie Clark led the Fox Williams team with assistance from corporate associate Hannah Sensecall. Charles Russell Speechlys LLP acted as solicitors for Cogenpower.

Dr.Francesco Vallone, CEO of Cogenpower said:

“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.”

Richie Clark commented: “We are delighted to have worked together with the Allenby team to help Cogenpower list on AIM, a key milestone in the growth of its exciting and innovative business. This was a tremendous achievement in such a challenging capital markets environment and a testament to the commitment of Allenby, Cogenpower management and the entire advisory team on the transaction ”

L to R: Richard Short, Matt Butlin (Allenby Capital) and Richie Clark and Hannah Sensecall (Fox Williams)


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