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Arden Partners raises 9.2 million pounds for Voller Energy

Publication Date:31-January-2005
Source: Birmingham Post & Mail

The Birmingham stockbroker Arden Partners has raised some pounds 9.2 million after expenses for Voller Energy, a three-year-old company that has developed a range of portable fuel-cell systems.

Voller, based in Hampshire, sees markets for them on building sites, yachts and military applications. Arden has placed 13.5 million Voller shares at 74p, valuing the company at pounds 17 million. Dealings start on AIM tomorrow .

Part of the proceeds will be used to buy the business and assets of a German company with 'reformer' technology, which can be used to convert propane or butane into hydrogen.

Voller's non-executive chairman, John Brown, is also chief executive of Speedy Hire, the former Allen Group, a large supplier of steel cabins for hire. Voller also sees a market for its fuel cells as portable re-chargers for the batteries of cordless power tools.


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