A renewable energy company in Australia has closed it’s a$5 million Initial Public Offered, and was oversubscribed.
PERTH, Australia – Solar Energy Systems Ltd (SES) started trading on the Australian Stock Exchange last Friday. The company manufactures and installs pumping technologies and remote area power systems that use solar photovoltaic (PV) panels. “We are delighted with the market response to our IPO, particularly during a tough period for technology stocks,” says SES chair Cathy Zoi, a former adviser to U.S. President Bill Clinton. “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.” Sales have doubled during the past 12 months, explains Zoi, and include installations in East Timor. The company’s water pumping technology, ‘Sun Mill’, is used in Australia’s rural areas and is commended for its reliability and cost effectiveness. The unique ‘Solarflow’ 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,” explains managing director Anthony Maslin. “Using no diesel, having few moving parts and requiring little maintenance, SES products have significant capital and operating cost advantages compared to the alternatives.” “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,” he adds. “SES is extremely well positioned to ride both these growth curves.” SES has a network of 25 dealers in Australia and plans to expand both domestically and internationally. The company is an approved supplier to the United Nations and has worked with other aid organisations in both East Timor and Indonesia.