VYCON, a supplier of high-cycling energy-storage flywheel systems, has announced its admission to trading on the Alternative Investment Market “AIM” under the symbol VYCO. AIM is a submarket of the London Stock Exchange. Its purpose is to allow smaller companies to go public in a less regulatory environment than the main market.
VYCON has placed 10,307,292 new Common Shares of US$0.0001 per share at a placing price of $1.75. Its market capitalization will be approximately $52.9 million following admission at the placing price. Smith & Williamson Corporate Finance Limited is nominated adviser and broker to the Company.
“Demand for renewable, clean energy products is increasing on a global scale, and we are in a position to provide this,” said Tony Aoun, president and CEO of VYCON. “The proceeds raised by the placing will enable VYCON to continue the expansion of its current production capabilities whilst developing larger systems for this growing market.”
VYCON, based in Cerritos, Calif., designs and manufactures high-speed flywheel based energy storage systems. Its existing products target the global UPS and dockyard crane markets where its clean technology can significantly reduce emissions of greenhouse gases and other pollutants.