Gilmore seeks fresh €30m in OpenHydro cash call
Sunday September 06 2009
BRENDAN Gilmore's wave-energy outfit OpenHydro is raising up to €30m from investors as it delays plans for flotation
It is believed that Davy Stockbrokers is to raise money for the firm, which is backed by Philip Lynch's One51 and giant Canadian energy firm Emera.
OpenHydro's cash call will test the waters for investment appetite which has been seared by collapsing asset values over the past two years.
"I think that the markets have improved markedly; the downward spiral has ended. While it is not exactly flying, it is much more stable," Mr Gilmore said.
The company is to use the funds for working capital and to expand the business, he said. "We are in one of the best areas to raise money, with climate change and peak oil. Renewable energy is in big focus."
OpenHydro had planned to float on the stockmarkets in two years' time. "I'd say that we are now looking at a year further out because of changed conditions," Mr Gilmore told the Sunday Independent.
The company has already raised €52.5m from investors in previous cash calls.
OpenHydro's other backers include Sherry FitzGerald chairman Philip Sherry, McInerney director Oliver O'Mahony, BCM Hanby partner Gary Byrne and a Gibraltar-based developer John Conlan.
OpenHydro uses marine turbines to generate renewable energy from waves.
- Nick Webb
