VYCON has placed 10,307,292 new common shares of US$0.0001 per share at a placing price of US$1.75, under the symbol VYCO. Its market capitalisation will be approximately US$52.9m. Smith & Williamson Corporate Finance Limited is nominated adviser and broker to the company.
“The response from institutions to the placing has been extremely positive and we are delighted that so many global investors have recognised the potential of VYCON,” said Tony Aoun, the company’s president and CEO. “Demand for renewable, clean-energy products is increasing on a global scale, and we are in a position to provide this.
“The proceeds raised by the placing will enable VYCON to continue the expansion of its current production capabilities, whilst developing larger systems for this growing market. We believe VYCON is in a very strong position with patented technology, a strong management team and a solid platform for growth.”
VYCON, based in Cerritos, California, designs and manufactures high-speed flywheel-based energy storage systems. Its existing products target the global uninterruptible power supply (UPS) and dockyard crane markets, where its clean technology can significantly reduce emissions of greenhouse gases and other pollutants. It has also developed a range of higher-capacity products that will enable it to access new markets, such as rail, larger UPS systems and ship-to-shore cranes.
The company’s REGEN System is in use at the ports of Los Angeles and Long Beach and at several Asian ports, and talks are underway with further port operators around the world.