Cindrigo Holdings Ltd (LSE:CINH), a clean baseload energy developer, started trading on the London Stock Exchange today following a £2.06 million fundraising.
The placing and subscription, managed by Capital Plus Partners, was priced at 12p per share, giving the waste-to-energy and geothermal developments specialist a debut valuation of just over £40 million.
A further £9.3 million of convertible loan notes were also converted into equity as part of the flotation.
The company, which expects to receive the London Stock Exchange’s Green Economy Mark in recognition of its environmental focus, as it plans to restart its flagship 110 MW waste-to-energy plant in Kaipola, Finland before the end of the calendar year.
Cindrigo also acquired three geothermal projects in Germany’s Upper Rhine region, targeting more than 300 MW of heat and power capacity and potential lithium production.
Chief executive Lars Guldstrand said the listing marks a “significant milestone” as Cindrigo develops “long-life, sustainable baseload energy assets across Europe.”
He added that the group is well positioned to benefit from strong policy support and long-term pricing structures for renewable energy.