As we’ve bid farewell to 2020 and begin 2021, we are pleased to announce that we have been successful in raising over $2 million dollars though a capital raising with Melbourne Capital Limited. Funds were raised from qualifying investors, being s708 sophisticated, institutional investors, licensed securities dealers and other exempt investors.
The funds will be used for a range of functions in support of our ongoing supercapacitor technology development and scaled-up manufacturing, including:
- Intermediate scaleup equipment $300,000
- Ongoing research $550,000
- Commercial Negotiations $180,000
- Pre-IPO Costs $450,000
- Working Capital (incl cost of raise) $520,000
Our success in attracting new investors to the company at this time indicates great confidence in our work and comes at a critical time for the business as we continue planning for scaling up our production of supercapacitor electrode material.
Following a long period of reduced tempo in our development work due to COVID restrictions, we are now back to COVID-normal operations and looking forward to making significant progress over the coming months. Our efforts in this regard include advancing commercial testing of our materials, progressing commercial discussions with potential partners and exploring new avenues to market for bespoke supercapacitor applications.
We’ll look forward to providing further updates in coming months as we approach a number of key milestones. As always, please feel free to contact us if you’ve any questions.