Kistos PLC, an investment company set up to buy and run businesses in “energy and the energy transition”, has raised £36mln ahead of a planned AIM float.
Non-executive chairman Andrew Austin previously ran IGas Energy Plc and then founded Rockrose Energy and sold it earlier this year for £247.5mln, with Austin's 27% stake earning him a sizeable windfall.
Austin has personally poured £10.5mln of this into Kistos, partly into an initial fundraising of £4.25mln with other directors and individual investors.
These directors and investors have also invested a further £10mln in a £31.75mln pre-float placing and subscription, which was carried out at a price of 100p per share.
Also on the board are Alan Booth, former chief executive of Ophir Energy Plc; Richard Benmore, a former non-executive director of Rockrose; and Julie Barlow, formerly of Star Energy, Petronas, IGas and Rockrose.
Austin said: “We have established Kistos to invest in energy and the energy transition, with the intention of pursuing a rigorous approach to asset selection and active forward-looking stewardship.”