Erlangen, Germany [RenewableEnergyWorld.com] Solar Millennium has successfully completed its capital increase. All 2,584,505 of the new, non-par value shares from authorized capital have been sold. After the registration of the capital increase, the company’s share capital is EUR 12.5 million [US $18.75 million]. The gross proceeds from the capital increase of around EUR 55 million [US $78 million] will be used to finance further expansion within the scope of the company’s existing business model.
The proceeds will be used to finance the expansion of project development activity. Proceeds from the capital increase will be also used for research and development activities for the further optimization of the parabolic trough technology. Solar Millennium plans to reduce the costs of solar thermal electricity generation through investment in research and development.
“We have significantly strengthened our own capital base with the cash flow from the capital increase in order to be able to continue with our growth strategy. The strong demand from our existing shareholders demonstrates a clear commitment to the company and to the group’s strategy. My thanks go to all of our shareholders for this tremendous proof of confidence in our work,” said Thomas Mayer, Solar Millennium’s CFO.