Alternative energy firm eyes solar roll-out and UAE digital power hub
Active Energy Group PLC (AIM:AEG, OTCQB:ATGVF), the London-listed renewable infrastructure company, has raised £2.5 million through a heavily oversubscribed share placing.
The company issued around 3.3 billion new shares at 0.075p each in the placing, which was conducted via an accelerated bookbuild and arranged by Zeus Capital.
Investors taking part in the investment round will also receive one warrant for every share bought, giving them the right to buy another share at 0.1p within three years. The warrants will not be listed.
Active Energy said the cash injection will fund a range of renewable energy and digital infrastructure projects, including the rollout of commercial rooftop solar installations in the UK and the development of a data centre platform powered by surplus renewable energy in the United Arab Emirates.
The solar programme will begin with ten warehouse rooftop sites offering a combined 2.3 megawatt capacity.
These are expected to generate more than £10 million in contracted revenues over a 20-year period.
The company said the initiative marked “the first stage of a broader programme” to build out a scalable portfolio of solar and battery projects.
In the UAE, Active Energy is looking to supply cheap, surplus electricity to containerised data centres used for artificial intelligence, blockchain and cryptocurrency applications.
The company plans to offer these services to third parties in a region where it says long-term access to low-cost power provides a strong commercial advantage.
A portion of the placing proceeds will also be allocated to working capital and the group’s digital asset treasury reserve, a policy it introduced in July to diversify holdings by investing up to 30% of its reserves in cryptocurrencies.
However, the company acknowledged the risks that come with this strategy, noting the volatility of digital assets and potential regulatory uncertainty.