Solar hybrid developer Ripasso Energy to raise USD 2.5m from stock sale

October 28 – Sweden-based solar hybrid system developer Ripasso Energy AB said today it will raise SEK 23 million (USD 2.5m/EUR 2.3m) through an initial public offering on the Nordic Growth Market’s (NGM) Nordic MTF platform.

The company will issue 5.75 million new shares, constituting a 9.6% stake, in an offering that has been fully subscribed. It expects to start trading on Nordic MTF on November 28, 2016.

Ripasso Energy has developed a renewable energy system combining a solar-tracking parabolic concentrator with a 33-kW Stirling engine, which is designed to run using both solar and a variety of fuel types. The system works by collecting thermal energy from the sun in a parabolic reflective dish and then heating hydrogen gas to drive pistons in the engine.

“We now have the financial strength to deliver hybridized Stirling engines to our first commercial plants on Sicily the coming year,” CEO and founder Gunnar Larsson said in a statement.

Ripasso Energy noted it is getting ready to start production of Stirling engines for commercial use.

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