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Solar Integrated set to shine on Aim
May 8, 2004 3:14am
Europe Intelligence Wire


Solar Integrated Technologies has finalised its Aim flotation, pricing the 7.2m shares for the placing at 171p each.

The Los Angeles-based company, which produces flexible solar cell roofing for commercial premises, will have a market value of {GBP}57.2m at the placing price. It has raised a little over {GBP}11m, which will be used to expand into Europe and to build a second plant in eastern Germany.

Bruce Khouri, chief operating officer and one of the founders, was delighted at the response of the City`s institutional investors to the flotation. "We are looking forward to building a European business identity."

The company started production of its flexible solar cell roofing material in Los Angeles last July. Roofing Coca-Cola`s bottling plant in the city was one of its first projects. It already has orders worth $74m ({GBP}41m), and is in talks with potential customers including Ikea, Wal-Mart and C&A. Mr Khouri said institutions had been attracted by the "fairly serious portfolio of blue-chip multinational" customers.

Mr Khouri and Edward Stevenson, his co-founder and chief executive, will each own 38 per cent of the equity following flotation. They worked together for 20 years building a commercial roofing business in Los Angeles before branching out into solar technology.

"Everyone has heard about solar energy and photovoltaic energy for the past 25 years," said Mr Khouri. "We have taken the technology and turned it into a viable commercial vehicle."

The Coca-Cola roof generates 30 per cent of the plant`s power needs at peak demand. By targeting commercial roofs, the company is tapping into existing building budgets.

The company, which is advised by KBC Peel Hunt, last year generated pre-tax profits of $131,000 on sales of $8.3m after six months of operations. The shares start trading on Wednesday. Copyright Financial Times Limited 2004. All Rights Reserved.



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