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Market: AIM
Sector: Cleantech and Renewable Energy
EPIC: HEGY
Latest Price: 15.13p  (0,00%)
52-week High: 18.50p
52-week Low: 9.75p
Market Cap: 20.05M
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Helius Energy
www.heliusenergy.com

Helius Energy Plc is a United Kingdom-based company engaged in installing and operating biomass-fired renewable electricity generation plants. The Company is engaged in developing both large (over 60 megawatts (MWe)) and small modular (5-8 MWe) biomass-powered electricity generation plants. Its subsidiaries include Helius Power Limited, Helius Energy Africa (Pty) Limited, Distributed Power Systems Limited, Helius Energy Beta Limited, and Helius Energy Gamma Ltd.

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Helius Energy raises £1 million in funds from director

12th Jul 2011, 7:31 am by Jon Mainwaring Helius's planned Avonmouth plant will produce enough renewable electricity to power 200,000 homes and it will save more than 720,000 tonnes of carbon dioxide per year

 

Helius Energy (LON:HEGY) said today it had raised around £1 million through a combined debt and equity deal with one of its directors.

Helius explained that the new funds would be used to help it deliver its portfolio of biomass-powered electricity plant projects, beginning with the 100 megawatt Avonmouth plant on the Bristol Channel.

The company also announced a number of changes to its board in order to reduce its operating costs. Chairman Keith Henry has stepped down, while non-executive directors David Brocksom and Barclay Forrest have also left their positions (although Forrest had already announced his plans to retire in 2010). John Seed, former chief executive and a current non-executive director, becomes the new chairman.

Angus MacDonald, a non-executive director, has increased his holding in Helius from 19.12 percent to 24.12 percent following the issue of 4,360,674 new shares at 16 pence each, which raised £697,707 for the business. In addition, MacDonald is also providing an unsecured loan to Helius of £302,300.

Seed is to continue with the detailed review that is designed to fund ways to maximise value from the company’s portfolio of operations.

"Helius has demonstrated its capability to deliver major biomass energy projects such as CoRDe and Stallingborough, creating significant value for the Company and its investors,” Seed said.

“Following the major achievement of the start of construction on the CoRDe project, Angus’s further investment, combined with the improvements in our use of funds, will allow us to continue to deliver our portfolio of projects, starting with Avonmouth."

Corde is a 7.2MW project in Scotland with the Combination of Rothes Distillers, while Stallingborough is a 65MW net capacity biomass plant located in Lincolnshire.

 

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