Boiler controls specialist Sabien Technology Group Plc (LON:SNT) has raised £750,000 to fund expansion of its new sales strategy.
The placing, at 4p per share, will enable the installation of 40 M2G pilot projects in 2017 compared to 35 this year.
Sabien’s monitors (M2Gs) are fitted retrospectively into boilers to help improve their performance.
The firm estimates that installing a monitor can knock 15-25% from costs per heating season (October to April).
Sabien recently decided to fund the pilot M2G installations itself rather than charge upfront.
It allows customers to see the benefits but also requires more working capital as sales expand.
The cash will also be used to develop EndoTherm, an energy reducing commercial heating additive.
Alan O'Brien, chief executive, said: “We successfully achieved our target of signing up to 35 M2G pilots in FY2016 and, in line with expectations we plan to run up to 40 M2G pilots in FY2017.
“These include some more in the USA where we supported our distributor in running a number of successful pilots last year.
“Additionally, we will be piloting the EndoTherm product for which we recently obtained an exclusive 10-year licence for distribution to the multi-site commercial heating market in the UK."