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Kuwait sovereign fund subsidiary buys stake in Heliocentris
The company has joined existing shareholders in Heliocentris with the issue of 480,500 new bearer shares at €5.20 per share in exchange for authorised capital.
Life Energy, a Kuwait-based company specialising in renewable energy, also became a stakeholder in the energy storage company through investing in 19,230 new bearer shares at the same price.
Heliocentris gained gross proceeds in the region of €2.6m from the share sales, bringing its share capital up to close to €4.4m. The company said Lang & Schwarz Broker of Düsseldorf supported the deals.
Dr Henrik Colell, CEO of Heliocentris Energy Solutions, said, ‘The Middle East is one of the most exciting growth regions for Heliocentris. With our strong strategic partners, we now have a greater presence in the region, allowing us to drive the expansion of our business even more dynamically.’
NTEC general manager Anas Meerza said the organisation has already laid ‘aggressive expansion plans’for Heliocentris in its domestic home turf in Kuwait and the rest of the Middle East.
Heliocentris Energy has been active in the Middle East for over three years and said in a statement that its latest investments represent significant milestones in its growth strategy for the region. The company said it plans to further increase its presence in the region and expand its customer base and focus on larger projects.
NTEC is said to be fostering the expansion of renewable energies in Kuwait, hence viewing Heliocentris’s clean energy training segment as attractive to this end.
Heliocentris Energy’s clean energy storage solutions are based on a combination of batteries, fuel cells and energy management, listing its shares on the Frankfurt borse.