Helius Energy has streamlined its board with the departures of its chief executive and commercial director.
The share price fell 1.03p to 2.48p a share, which values Helius at £4.84m.
Dr Adrian Bowles and Chris Corner have agreed to step down as chief executive and commercial director respectively but they will continue to be consultants until at least the end of next February. John Seed will become executive chairman and chief operating officer William Ingram Hill and finance director Alan Lyons will run the business. Further redundancies will be made in order to make sure that cash resources last until February. Helius is also exploring its options to generate cash from its projects. Helius hopes to generate service income and dividends from its CoRDe joint venture project — a 7.2MW biomass CHP project in Rothes, Scotland – and this should finance ongoing overheads.
Helius needs to cut costs so that it can move towards financial close for its Avonmouth project. Helius develops and operates biomass-fuelled renewable energy generation plants. its potential industrial partner does not want to become involved in the Avonmouth project making it more difficult to secure financing for the 100MW project. Helius is working with Macquarie to secure equity financing for the project and also looking at other funding structures.
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