Harmony Energy Income Trust Plc (HEIT) has announced the results of its IPO, which has raised gross proceeds of £210m. The Initial Issue has raised gross proceeds of £186.5 million through the Placing and Offer for Subscription and the Company has issued c. 23.5 million Ordinary Shares in connection with the acquisition of the Seed Portfolio, as described in the prospectus published by the Company on 15 October 2021. On Admission, the Company will acquire the Seed Portfolio in accordance with the terms of the Seed Portfolio Share Purchase Agreement (as described in the Prospectus), and the Seed Projects will be transferred to the Company. It is expected that HEIT’s ordinary shares will be admitted to trading on the LSE’s main market with dealings commencing at 8.00 am on 9 November 2021.
Comments from Norman Crighton, chairman of HEIT
“We are delighted to be launching the Harmony Energy Income Trust, which will offer investors exposure to a portfolio of utility scale battery energy storage systems, located in diverse locations across Great Britain, which the Board believes have an important part to play in helping the UK achieve net zero by 2050. Raising £186.5 million at launch demonstrates that there is significant appetite for the asset class and Harmony Energy Income Trust’s strategy. We look forward to continuing to engage with our new shareholders.”
Comments from Max Slade of Harmony Energy Advisors Limited
“We thank investors for the support shown throughout the process and now look forward to building out our Seed Portfolio with Tesla in line with our pre-defined timeline. Never has there been more focus on the need for a greener, more sustainable way of living. Battery storage, acting as an enabler for renewable energy generation, is key to the transition to net zero. Now is the time to bring battery energy storage projects online in scale to help facilitate the transition to net zero and the Company is well-placed with its exclusive pipeline of future projects to be a key player in this market.”