An Australian renewable energy company announced the successful closing of their A$5 million Initial Public Offering. The stock commenced trading on the Australian Stock Exchange (ASX) on Friday the 15th of December.
Australian renewable energy company, Solar Energy Systems Ltd (“SES”) announced that their A$5 million Initial Public Offering has closed as scheduled and was oversubscribed. The stock commenced trading on the Australian Stock Exchange (ASX) on Friday the 15th of December. Cathy Zoi, SES Chair and former adviser to US President Bill Clinton, said “We are delighted with the market response to our IPO, particularly during a tough period for technology stocks. SES has attracted some substantial investment from Australian and European institutional funds, along with a broad cross section of the Australian public. The company put forward a strong business case, has rapidly growing sales and has the added bonus of being a socially responsible investment.” Perth-based SES manufactures and installs innovative solar water pumping technologies and remote area power systems. Sales have doubled during the past 12 months, and include installations in East Timor. The companyâ€™s innovative water pumping technology, the â€˜Sun Millâ€™, has been hailed by customers in Australiaâ€™s rural areas for its reliability and cost effectiveness. SESâ€™s unique â€˜Solarflowâ€™ reverse osmosis technology uses the sun to create potable water. “Growing awareness of both water quality and greenhouse issues is creating enormous opportunity for cost-effective technologies such as ours. Using no diesel, having few moving parts and requiring little maintenance, SES products have significant capital and operating cost advantages compared to the alternatives,” said Anthony Maslin, Managing Director. Mr Maslin said “International investment in solar energy is growing by more than 20 percent per year while over $360 billion will be invested in the global water industry in the New World in the coming decade. SES is extremely well positioned to ride both these growth curves.” SES has an established network of 25 dealers in Australia and is expanding this network both domestically and internationally. The company is an approved United Nations supplier and has worked with other aid organisations in both East Timor and Indonesia.