31/01/2018 - 12:14

Global taps investors for $6.7m

31/01/2018 - 12:14

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Global Energy Ventures has raised $6.7 million through a share placement, with the proceeds to be used on the development of the company’s compressed natural gas technology.

Maurice Brand is chairman and chief executive of GEV.

Global Energy Ventures has raised $6.7 million through a share placement, with the proceeds to be used on the development of the company’s compressed natural gas technology.

Global has issued 16.9 million shares at 40 cents each, with strong support from new and existing institutional investors.

The company’s CNG Optimum Technology increases the volume of gas that can be stored on a ship, thus reducing costs relative to traditional marine CNG technologies.

The company is currently seeking approval for the technology from the American Bureau of Shipping.

Executive chairman Maurice Brand said the funds would be used to continue development of the technology.

“This successful capital raising positions GEV to accelerate approvals, including detailed shipping drawings and specifications, of the GEV CNG Optimum technology to ensure it is ready for deployment in time for project opportunities in the Indian subcontinent, Australasian and the Atlantic regions,” he said.

Foster Stockbroking acted as lead manager to the placement.

The company recently purchased a Canadian marine transport technology business.

Global shares were trading down 3.5 per cent at 41.5 cents each at 3pm AEDT. 

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