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Friday, 18th September 2020
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OpenHydro’s energy technology draws private client funding back
OpenHydro’s €40 million fundraising from a combination of existing shareholders and Davy clients leaves the company funded for the next two to three years in a pre-Revenue deal to develop turbine technology.
The winner of the FINANCE Private Placement Deal of the Year 2008 was the €40 million fund raising of OpenHydro, a Dublin-based renewable energy firm. The deal raised €40 million in private equity. This brings total funding raised by OpenHydro since 2005 to over €50m. Peter Corcoran, the chief financial officer of OpenHydro, said the firm would raise €significantly more than the level of investment to date€.
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Davy Corporate Finance and BCM Hanby Wallace advised on the deal. Des Carville, director, Davy Corporate Finance, said, €The key benefit of the deal is that the firm is fully funded for the next two and a half to three years. It is also good that the deal was backed by a combination of shareholders and institutional and private clients from Davy.€

The quantity of the funds raised for the renewable energy industry makes the deal noteworthy, said Carville. €Investing €40 million in a pre-revenue company in a cutting edge technological industry would not be to everyone€s taste.€

The deal was very straightforward, said Carville, with no setbacks and was over-subscribed. €The deal went pretty much to plan, it was a very conventional fund raising. There was a little bit of scale back on some aspects of the deal. We tried to give preference to existing shareholders where possible and scale back other areas.€

The funding will be used to support the commercial development of the company€s Open-Centre Turbines.
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