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Nviro Cleantech

  • BY: Andrew Hore |
  • POSTED: 09/06/2008 |

Nviro Cleantech is raising £10m at 45p a share.

The share placing will be used to finance the development of its Vertus RTP clean coal business. Vertus has already signed agreements in China, India and the US. The first Vertus treatment site is being built in the US. Longer-term, additional demand could come from Indonesia, Malaysia and Thailand.

Vertus has developed a technology that takes out contaminants such as sulphur dioxide, chlorine and lead. A pilot plant is up and running in Hungary. The Vertus technology can also be used for pre-treating rice husks and other potential biomass fuels.

The shares are currently trading at 48.25p and, prior to the placing, Nviro is worth £21.1m.

Nviro lost £1.36m in the six months to March 2008. Net cash was £4m at the end of March 2008.

No revenues have been generated by the company. The first commercial revenues should come through before the end of 2008.

Vertus is the most developed technology but Microrelease, which recycles MDF fibres, is completing the design of its first commercial plant.

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