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Aggregated Micro Power secures another £10mln in funding

Published: 08:12 20 Oct 2016 BST

pile of wood chips
AMPH looks to convert wood chips into energy in the form of heat and/ or electricity

Biomass specialist Aggregated Micro Power Holdings plc (LON:AMPH) has told investors that  it has secured another £10.17mln in funding as it looks to support its growing project pipeline.

The money was raised via by a newly launched, Cayman Islands-listed vehicle – called Aggregated Micro Power Infrastructure 2 plc (AMPIL2) – in the form of 8% loan notes.

This comes after its first related special purpose vehicle – AMPIL1 – had previously raised a total of £12.4mln to help the company expand its biomass boiler business.

This new influx of cash will also be used to finance its growing biomass boiler portfolio, as well as future grid balancing projects, Aggregated Micro said.

"We are delighted to have secured further capital to support our growing pipeline of projects,” said chief executive Richard Burrell.

“Together with the capital raised by the first AMPIL vehicle (£12.4 million), AMPH now has a further £10m available to support its growing portfolio of distributed energy projects.”

Shares edged higher in early to deal to trade at 68.3p.

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