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Cindrigo Holdings Ltd late Tuesday said its shares will start trading on the Main Market of the London Stock Exchange on Friday, a year and a half since its earlier listing was cancelled. Cindrigo is a Guernsey-based renewable energy company focused on geothermal power and waste-to-energy projects. It has 333.9 million shares in issue, so it will have a market capitalisation of £40.1 million at the placing price of 12 pence per ordinary share. Cindrigo was listed on the London Main Market until May 2024, when it was delisted amid a delay to a reverse takeover of Challenger Acquisitions Ltd, its former name. ‘Our listing on the Main Market marks an important milestone for Cindrigo,’ commented Chief Executive Officer Lars Guldstrand. ‘We’re focused on building a robust platform of clean baseload energy - with geothermal as our main growth driver and Kaipola providing operational strength and cash flow to support that expansion.’ Cindrigo is the operator of the Kaipola combined heat and power 110 megawatt plant in Finland. Revenue generation has started and the plant is preparing for further expansion through 2025, it added, and the directors estimate Kaipola to be worth between €80 million and €120 million, based on a depreciated replacement cost assessment. The company explained that its strategy is to build a portfolio of sustainable baseload renewable energy projects, which will support Europe’s energy transition by delivering clean power and heat. ‘The company’s principal growth opportunity lies in geothermal energy, where it holds three exploration licences in Germany’s Upper Rhine Valley covering around 125 [kilometres squared],’ Cindrigo said. ‘These licences provide the foundation for future geothermal projects with potential capacity of up to 300 MW.’ Cindrigo further noted that former Microsoft Corp executive Alan Boyd is on its board as a non-executive director. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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