| LONDON --
US-based advanced fuel cell applications company Idatech said it plans
to float on the London Stock Exchange, following a share placement to investors
in the UK and certain other European countries.
Terms of the placement were not disclosed.
The company said the offer is expected
to be completed by early July and the proceeds will be used to increase
research and development and to expand manufacturing capabilities, sales
and marketing functions.
Investec, which acquired the business
in 2006, will retain a significant shareholding in IdaTech following the
offer, it said.
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