PassivSystems aiming for £45m valuation on London’s market

Oliver Smith
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ENERGY monitoring firm PassivSystems is seeking to raise up to £12m on London’s Alternative Investment Market (Aim) as part of its plans to hire more sales staff and speed up the launch of new products.

The Berkshire-based firm, which provides software for homeowners to manage solar panels and household heating systems, is seeking a valuation of up to £45m on Aim in mid-April.

“In the present climate where energy costs are soaring there’s a great opportunity for our company,” chief executive Colin Calder told City A.M.

“With public and political attention heightened by these prices, there is a real opportunity for PassivSystems to provide the market with a product that provides significant savings to current energy bills.”

Over the past two year the firm has grown its revenue by 95 per cent to £3.5m in 2013, though high investments led to a loss of £4.3m last year.