News blog
Alkane Energy
- BY: Andrew Hore |
- POSTED: 12/07/2007 |
Coal bed methane and biomass generation company Alkane Energy has refinanced its German subsidiary Pro2.
New investors have pumped €1.4m into the power generation equipment supplier. That will reduce Alkane’s shareholding from 51% to 38%. A new working capital facility of €3.9m is being negotiated and that will enable Pro2 to repay €1m out of the €3m loan made by Alkane. That will help finance drilling of mine gas sites and growth of mine gas power generation plants in the UK. Pro2 will no longer be consolidated in Alkane’s figures. Last year it contributed profits of £144,000 on turnover of £23.6m. The shares rose 0.5p to 19.5p on the morning of the announcement.
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