Aggregated Micro Power Holdings plc
("AMP", the "Company" or the "Group")
Ørsted and Incubex joint press release
Aggregated Micro Power Holdings plc (AIM: AMPH), the specialist aggregator of distributed heat and power and renewable fuels, is pleased to note the joint press release issued by Ørsted and IncubEx LLC, a company in which AMP has a 29.08% shareholding.
A copy of the joint press release is set out below:
"Ørsted and IncubEx LLC are pleased to announce Ørsted's recent investment in IncubEx.
In IncubEx's recent $5 million fund raise, Ørsted has taken a $1.65 million stake thus becoming a major shareholder as well as a significant stakeholder in IncubEx's future. IncubEx's Directors are delighted to welcome Søren Scherfig, Head of Markets and Senior Vice President at Ørsted, to the Board of the Company. Existing IncubEx shareholders further supported the Company by making up the remainder of the fund raise.
IncubEx works in conjunction with its global exchange partner, European Energy Exchange and other leading service providers and stakeholders to design and develop new financial products in global environmental, reinsurance, and related commodity markets. The Company has a specific focus on innovation and continuous improvement of products and services, including technology, trading solutions, and operational efficiencies.
Søren Scherfig, said: "Ørsted's vision is a world that runs entirely on green energy and I look forward to working with IncubEx. We know the Company as an innovative frontrunner, building and aligning commodity products to meet the market demand. Our cooperation represents an opportunity for us to accelerate the maturity of these global markets and ultimately the green transition".
Neil Eckert, Chairman of IncubEx, said: "This is a significant development for us. Ørsted are trailblazers in the environmental space. Our business is growing quickly and this raise gives us the working capital and balance sheet to pursue our goals. Most importantly, we welcome Ørsted as a strategic partner and are proud to have Søren on our Board".
Ørsted is one of Northern Europe's leading energy groups headquartered in Denmark. Its business is based on producing and trading energy and related products in Northern Europe. Ørsted's stated vision is to be part of a world that runs entirely on green energy and with that aim in mind, Ørsted has, since 2006, reduced its coal consumption by 73% and aims to fully phase out coal by 2023.
IncubEx is a product and business development company as well as an incubator for exchange traded products, services, and technology solutions and is positioned as a pure play environmental company, helping to promote liquidity and growth in financially-traded environmental asset classes. These asset classes are developing and expanding at an increasing rate, in contrast to a number of other asset classes in the energy exchange sector. This growth has already become apparent in European, North American and Asian markets."
Richard Burrell, Chief Executive of Aggregated Micro Power Holdings plc, said:
"We are delighted that Ørsted has joined AMP in making a strategic investment in IncubEx. IncubEx has an exciting future and we look forward to continuing our support and helping the business grow in conjunction with Ørsted's market leading expertise in this space."
Aggregated Micro Power Holdings plc Tel: 020 7382 7800
Neil Eckert, Executive Chairman
Richard Burrell, CEO
finnCap Ltd (NOMAD & Broker) Tel: 020 7220 0500
Ed Frisby/Simon Hicks (corporate finance)
Stephen Norcross/Sultan Awan (corporate broking)
Haggie Partners (Financial PR) Tel: 020 7562 4444
Peter Rigby/Brian Norris
Notes to Editors:
About Aggregated Micro Power Holdings plc
The AMP Group was established to develop, own and operate renewable energy generating facilities. It specialises in the sale of wood fuels and in the installation of distributed energy projects. AMP's wholly owned subsidiary Forest Fuels sells high quality wood chip and wood pellet to end customers throughout the UK, while its projects division installs biomass boiler and biomass CHP systems for a wide range of applications and customers. AMP is also active in developing projects for stand-by power generation which aim to balance the transmission grid at times of peak demand.
This information is provided by RNS