GY 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.