(Bloomberg) — Entrade Energiesysteme AG, a maker of
technology that turns agricultural and food waste into power,
plans to raise money on the Nasdaq in a bid to boost production
and expand.
The company hopes to secure about 26 million euros ($28
million) on the Nasdaq Private Market in New York, a platform
for trading shares in private companies, Chief Executive Officer
Julien Uhlig said in an interview. The fundraising is a first
step toward an initial share sale, he said.
“The proceeds will be used to grow our production
facility, expand in the U.K. and sub-Saharan Africa, and further
develop our technology,” Uhlig said from London. “We’re
planning to expand production from 25 (system) units a month to
100 and grow our revenue from 5 million euros last year to more
than 100 million euros in the next two years.”
Entrade’s systems enable businesses and industry to produce
their own power on-site. The technology uses biomass including
wood pellets, agricultural and food waste to generate heat and
electricity. The machines currently can process a mix containing
30 percent plastics, Uhlig said, and the Dusseldorf-based
company plans to develop this capability further to target the
sub-Saharan market.
Generating power at the point of use is becoming
increasingly popular among energy-intensive businesses and
industries looking to curb their reliance on the grid and reduce
exposure to fossil fuels. Entrade’s units can shave 20 percent
to 30 percent off bills, according to Uhlig.
The company this year plans to expand in the U.K. by
targeting farm owners, hotels, restaurants and municipal
buildings. Entrade installs and operates the units and customers
pay for the power. It’s working in Nigeria to power public
buildings and also the headquarters of the engineering company
Julius Berger Nigeria Plc, Uhlig said.
To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Randall Hackley, John Deane