Low Carbon Accelerator (LCA) acquired £2.93m worth of shares in EnergyMixx, a Swiss renewable energy company, in exchange for its entire holding in HelioDynamics.
LCA has received an initial share of EnergyMixx’s equity valued at £1.1m, while the HelioDynamics shareholding had a carrying value of £825,000.
EnergyMixx plans to offer more tranches of equity to LCA later this year. The first valued at £0.96m, under the condition that HelioDynamics meets certain milestones, such as receiving BSI certification for its technology; and another £0.87m against the achievement of set milestones in the period to April 2009.
On completion of the transaction, EnergyMixx will take on responsibility for developing HelioDynamics’ products through to market. HelioDynamics’ solar photovoltaic combined heat and power systems aim to provide zero-carbon power and climate control systems for buildings for private and commercial applications.
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