Five days after announcing news of the closing of a merger between SC Power Systems in the US, and Trithor in Germany, two long time superconducting technology players, the parent company Zenergy Power plc listed on the London AIM exchange (AIM:ZEN)/(ZEN.L) at a c. US $54 million market cap, and then traded up 15% on the first day.
Press releases are on the website, ZenergyPower.com. The investment group who led the private capital raising prior to admission is Cloverleaf Ventures, and the nominated advisor and broker to Zenergy on the listing is Teathers & Greenwood.
I am excited to say that this cleantech IPO is one of our Jane Capital companies, as SC Power Systems is a business that we co-founded in 2004 to commercialize the fault current limiter technology of Australian Superconductors, whose high temperature superconducting R&D program dates back to 1987. My colleague Woody Gibson is now an executive and director in the company, and my colleague John Voltz of Jane Capital has joined the board.
The merger with Trithor in Germany brought one of leading European HTS players together with SC Power to form a truly global superconducting company. The AIM listing adds Zenergy to a very short list of publicly traded superconducting companies, including American Superconductor (Nasdaq:AMSC), and Intermagnetics (Nasdaq:IMGC) (through its subsidiary, SuperPower), though Intermagnetics recently announced its acquisition by Philips Electronics.
The company works in both energy technology and industrial technology. The main products of the Zenergy include an innovative fault current limiter, basically a surge protector for the electric power grid that can protect the grid from power surges and blackouts, and an induction heater for metal manufacturing that is c. 50% more efficient than conventional technology. The company also has developed technology in the areas of HTS generators, HTS transformers, HTS current leads, and HTS wire and coated conductor technology.