Kedco shares to begin trading on AIM

CORK-based alternative energy company, Kedco has made the switch to public ownership, with its shares beginning trading on London’s Alternative Investment Market (AIM) this morning.

The move values the company at nearly €35 million.

The announcement is ahead of the company making a concerted move into the British market where it is planning to establish a number of joint-venture agreements with waste management companies that will see collected waste transformed and re-sold as electricity power to the British National Grid.

Kedco specialises in generating electrical power from sustainable fuel sources. It is currently targeting a range of medium-sized waste management operators, local municipal authorities, food companies and agricultural operators for possible joint ventures.

According to the company, around 25 possible partnership opportunities have already been identified across Ireland and Britain, with the majority — 16 — located in southern England. A number of negotiations are now understood to be at an advanced stage.

Kedco was established in Monkstown, Co Cork in 2003 by directors Donal Buckley, William Kingston and Eddie Barrett and initially specialised in the installation and maintenance of customised wood-burning energy systems for business and residential users, a part of the business which is still thriving.

“Our presence on AIM will raise our profile among new and existing customers, enhancing their understanding of our proposition and its revenue generating opportunities. It will also give us access to international capital markets, which will provide additional support as we look to build and expand our business,” said Kedco chief executive, Donal Buckley.

The AIM float will see just over 199.4 million shares go public at an admission price of 17.5c per share, giving the company a market capitalisation of around €34.9m.