Energetix Group Plc, a U.K. maker of energy efficiency products run by a former Dyson Ltd. executive, raised 12 million pounds ($19.4 million) issuing shares as it seeks to start sales of its boilers next year.
Energetix issued 42.86 million shares at 28 pence each to existing and new investors, the Chester, England-based company said today in a statement. The company also plans to raise a further 2 million pounds by selling 7.09 million shares through an “open offer” to private investors.
Energetix will use the funds to develop its micro-combined heat-and-power boilers ready for sale in the second half of next year. Britain’s government encourages so-called distributed generation, where power is produced by small-scale generators, with feed-in tariffs as it seeks to curb emissions.
Energetix, whose chief executive officer Peter Richardson joined from Dyson, plans to sell its Kingston boiler model for 800 pounds when produced at high volume, according to the statement. The U.K. is Europe’s largest gas boiler market with about 1.4 million installed each year, according to Energetix.
Energetix, with three business units, today posted a loss before tax of 2.46 million pounds for the first half compared with a 1.66 million-pound loss for the same period last year.