A £15m shares placing is in hand for Energy Power Resources, the Hull power stations outfit started three years ago to develop and stake electricity generators run from waste and other non-fossil fuels.
Stockbroker Charterhouse Tilney is organising the placement with an offer of a parcel of a minimum £250,000 worth of shares. The company aims for a stock market listing in four years’ time. Merz & McLellan of Newcastle upon Tyne is engineering consultant to the placing.
EPR seeks the money `to provide the financial standing and credibility’ needed to negotiate large-scale projects with local authorities and corporate concerns, and to buy stakes in project operating companies once their development is complete.
EPR has 24 projects on the stocks, seven of which are regarded as sufficiently advanced for inclusion in sales and profit projections up to 2002. The most advanced is a £21m poultry litter project in Fife, where all key contracts are in place.
Power sources for the six `advanced projections’ range from household waste and straw to hydropower and timber.