ADM Energy PLC (LON:ADME) has received £849,501 from the sale of shares in Superdielectrics Ltd, realising a profit of around £656,000 on its original investment.
The company acquired shares in cleantech firm Superdielectrics in 2017 and 2018, at an average price of £1.025 per share, and its board recently agreed to sell to other Superdielectrics shareholders for £4.50 per share.
"We are delighted to complete this successful transaction with an excellent return on our investment,” said ADM chief executive Osamede Okhomina.
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“The proceeds of the sale, together with our recent fundraise, will be used to support our growth strategy as we advance our current assets at Aje and the Barracuda Field, while continuing to identify and pursue new projects that can bring value to the company.
“In line with ADM's investment strategy, the company is open to considering further renewable energy investments in future, such as solar and wind power projects."