Energy-saving group PassivSystems has joined the swelling ranks of companies looking to raise money on AIM.
The group, which has developed a system to save households as much as 23% on their heating bills, said it expects its shares to begin trading in April.
The Berkshire-based company was founded in 2008 by its chief executive Colin Calder and has carved out a business in the economic downturn.
The company has recruited former Centrica (LON:CNA) CEO Sir Roy Gardner as chairman ahead of its AIM move.
The company has two product lines, PassivePro and PassivLiving. The former is a software platform for monitoring solar panels, while the latter helps manage domestic energy costs.
Boss Calder said that since 2010, energy bills in the UK have risen by 37%, while average earnings have edged up just 4.4%.
“With heating and hot water accounting for nearly 80% of UK domestic energy consumption and the average UK domestic dual fuel energy bill currently around £1,385 per annum we believe that the UK consumer is under an ever increasing financial strain,” Calder said.
“With public and political attention heightened by these prices, there is a real opportunity for PassivSystems to provide the market with a product that provides significant savings to current energy bills.”
The group generated £3.5mln in revenues and made a loss of £4.3mln in 2013.