Thursday 29 September 2016 05:08 PM
HydroWorks to raise another A$1.5M ahead of ASX listing next year
By Paul McBeth
Sept. 29 (BusinessDesk) - HydroWorks, a Christchurch-based hydro-electricity turbine innovator, is going across the Tasman to raise A$1.5 million, having just raised the almost same amount in New Zealand, ahead of an ASX listing slated for the first quarter of next year.
Hydroworks raised NZ$1.5 million in an oversubscribed offer of convertible notes in New Zealand, and is heading to Australia for a pre-initial public offering offer, with roadshows planned in Perth, Sydney, and Melbourne, it said in a statement. HydroWorks has appointed Ventnor Capital corporate adviser on its planned listing, which it hopes to do next year.
The company is one in a portfolio of companies with ties to Powerhouse Ventures, which is separately seeking to raise A$20 million in an ASX listing.
"I would like to thank all those who participated in the New Zealand pre-IPO offering for their support and confidence," chief executive Andrew Rodwell said. "This has been a key milestone in HydroWorks' history and we look forward to the next exciting growth phase of the company."
HydroWorks claims its use of a turbine design based on proprietary fluid dynamics algorithms allows it to produce increased output from existing hydro generation plant, with gains of as much as 15 percent achieved in some cases. Its business model is based both on new builds and retrofitting existing hydro dams with more efficient turbines.
The company raised $1.4 million through crowdfunding platform Equitise last year when it had been looking to list on the ASX in 2016.
Founder Rik Hothersell is the company's biggest shareheolder with 30 percent, followed by Powerhouse Ventures with 23 percent and the New Zealand Ventures Investment Fund with 17 percent.