Fuel cell company Idatech is to float on AIM next month and expects to raise £12.7m in order to continue development of its hydrogen-based power systems.
The company which has offices in London and Oregon, USA, expects to receive a market capitalisation of £49.5m upon admission, which is slated for August 6.
IdaTech is developing its hydrogen-powered devices for use in machines such as forklift trucks as well as for the back-up and auxiliary power mobile holiday homes.
The company, which is led by chief executive Harol Koyama and has Sir John Jennings as a non-executive director, says there a major global demand for clean technologies.
The company is developing products which can be sold in the short-term. However, it is also researching areas which might lead to the broader use of fuel cells in more everyday environments.
The broker and nominated advisor for the deal is Dresdner Kleinwort Limited
© Crimson Business Ltd. 2007
