Opcon of Stockholm Borrows to Fund Expansion in Clean Energy Businesses
Opcon AB (OPCO), a Stockholm-based technology group, signed an agreement for an equity line of credit of as much as 250 million kronor ($40 million) to invest in clean energy and energy efficiency businesses.
Opcon signed the agreement with GEM Investment Advisors Inc. and GEM Global Yield Fund Ltd., according to a statement today from the clean energy company.
The line of credit, which runs for three years, replaces a planned issue of a convertible loan of up to $40 million to August Capital, according to the statement.
Opcon plans to use the money to accelerate expansion of its renewable energy business, it said in the statement. It has developed technology that produces electricity from waste heat.
“We have leading technology in waste heat recovery and bio-energy, and the potential is considerable,” Mats Gabrielsson, chairman of Opcon, said in the statement.
“With the growth and development we expect to experience, and the opportunities we have identified for energy savings internationally, not least in countries like China and in the marine sector, we need to strengthen our financial muscles.”
To contact the reporter responsible for this story: Louise Downing in London at Ldowning4@bloomberg.net
To contact the editor responsible for this story: Reed Landberg in London at landberg@bloomberg.net
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