09/03/2007 Exchange welcomes clean-technology provider to its AIM Market.
09 March 2007
Exchange welcomes clean-technology provider to its AIM Market.
Created in 2002, Vycon, Inc. designs and manufactures high-speed flywheel based energy storage systems. These can be applied to a comprehensive range of high cycling applications to help provide frequent, rapid absorption and release large quantities of power.
Vycon’s existing products are targeted at the global uninterruptible power supply and dockyard crane markets.
Here, the company’s clean-technology can significantly reduce fuel usage, emissions of pollutants such as greenhouse gases, while also decreasing maintenance and disposal costs.
Commenting on the placing and admission to AIM, which has raised over US$18million, Vycon’s President and Chief Executive, Tony Aoun, said:
“We are extremely pleased with the response from institutional investors, who have recognised the potential of Vycon and the increasing demand for renewable, clean energy products on a global scale. We believe Vycon’s patented technology and strong management team provide a solid platform for future growth. We look forward to an exciting future for both the Company and its shareholders.”
London Stock Exchange Director of Markets, Martin Graham adds:
"We are delighted to welcome Vycon to AIM, where it joins an increasing number of ambitious US companies trading on what is the world’s largest and most success growth market.
Vycon’s admission to AIM further demonstrates that US companies are attracted to the market for a number of reasons, including the high levels of institutional investment and analyst coverage it can deliver and the unique benefits of the AIM advisory community."
Based in California, Vycon has sought admission of its Common Shares to trading on AIM in order to allow it to meet increasing demand for clean energy storage systems within its chosen worldwide markets. The Placing has attracted investors from around the globe, from New Zealand and the Far East to the United States. Admission to AIM has provided not only funds for development but will increase the awareness and profile of Vycon with its existing and potential customer base.
Vycon has 30,245,345 Common Shares in issue and a market capitalisation of approximately US$53 million at the Placing Price.
In the last few years one of the largest sources for overseas companies joining AIM has been the US, and with Vycon's admission there are now a total of 60 US companies quoted on AIM, from 31 different sub sectors and with a combined market capitalisation of over £4 billion. US companies have raised a total of £2.08 billion on AIM.