Newspaper article The Journal (Newcastle, England)

Pounds 2m Cash Injection for Green Energy Outfit; in Association with RBS

Newspaper article The Journal (Newcastle, England)

Pounds 2m Cash Injection for Green Energy Outfit; in Association with RBS

Article excerpt

GREEN energy firm Helius has secured a pounds 2m cash injection from the European bank Credit Suisse.

The Middlesbrough company, which recorded a pounds 1m operating loss for the first six months to March 31, said the equity would be used to further develop its business and pipeline projects.

More than 3.5 million shares were due to be traded on AIM today, which showed a slight rise on yesterday's share value to 18.63.

Credit Suisse, only the second institutional backer to fund the firm after venture capital fund General Capital Venture Finance, which has a 9% stake, will be a minority interest. Shareholders were asked to approve a discounted share offer of 13.5p for the Swiss bank.

The company said investment activity had increased substantially from pounds 0.5m in the first half of 2007 to pounds 1.3m, reflecting progress on the flagship biomass project at Stallingborough in Lincolnshire, which won the go-ahead from the Government earlier this summer. …

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