ADM Energy PLC (LON:ADME) has updated investors on Superdielectrics Ltd, which it deems a ‘legacy investment’, though the firm has just closed a funding round that results in a significant mark-up on the group's initial investment.
Superdielectrics owns a patent on what ADM describes as a highly disruptive technology with “the potential to help solve the world's renewable energy storage problem.”
The technology company raised £13mln, pricing new shares at £4.50 each. ADM holds some 195,000 which were bought in 2017 and 2018 at an average cost per share of £1.025. ADM's shareholding was valued by the latest funding round at £877,500, versus a total of £199,875 spent to buy the shares.
“Whilst this is a legacy investment, it is still in line with the company's investing policy to invest in opportunities within the natural resources sector, the oil services, power and energy sectors and in technology opportunities related to these sectors that the directors believe either are of strategic value or represent a significant value opportunity,” ADM Energy said in a statement.
“The company is very pleased with the progress of Superdielectrics and its uplift in value and looks forward to monitoring Superdielectrics continued development in the future.”