Norwegian technology company Teco 2030 has successfully completed the book-building for its initial public offering as it raises cash to develop hydrogen fuel cells for ships.
The Teco Group spin-off said it will list its shares on the Oslo Stock Exchange's Merkur Market on 12 October.
The company sold new stock at NOK 40 each, corresponding to a pre-money equity value of NOK 400m ($43m), while banking proceeds of NOK 80m.
Teco 2030 was targeting a range of between NOK 80m and NOK 100m.
"The financial community is now seeing great value-creating opportunities in clean tech, and I am extremely pleased with the interest from quality investors," said Teco 2030 chief executive Tore Enger, who founded Teco Group.
"The IPO will enable us to play our part in solving one of the greatest environmental puzzles of our time: how to drastically reduce emissions from an ever-increasing global shipping fleet."
A total of 2m new shares will be issued, bringing the total number outstanding to 12m.
New investors welcomed
About 65% of the offering will be allotted to investors in an institutional sale, with retail investors taking the rest.
Teco 2030 will have more than 450 new shareholders.
Norwegian investment bank Fearnley Securities acted as global coordinator and bookrunner.
The company is working on a 100 MW fuel cell with Austrian power systems developer and tester AVL.
Teco 2030 believes 110,000 ships are suitable for retrofits, as well as 2,500 newbuildings per year.
The company also wants to develop its Future Funnel scrubber tower product and intensify research projects involving carbon capture.
In addition, debt worth NOK 12.8m will be repaid.
Teco Group owns 52% of Teco 2030 currently.
