European Green Transition debuts on London Stock Exchange with strong investor support
London, UK
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April 11, 2024 07:02 AM Eastern Daylight Time
European Green Transition (LON: EGT) CEO Aiden Lavelle and CFO Jack Kelly joined Proactive's Stephen Gunnion as the company started trading on the London Stock Exchange after raising over £6.45 million, surpassing its initial target.
The funds are seen as a strong market endorsement of EGT's business model aimed at developing a green economy asset portfolio across Europe. This portfolio includes projects from metals refining and recycling to potential solar and wind assets, with a focus on acquiring distressed assets to complement their 100% owned projects. A key asset is the Olserum rare earth deposit in Sweden.
Lavelle, a chartered geologist with 16 years of industry experience, particularly in Sweden, highlighted the significance of rare earth elements in the green transition, noting their crucial role in high-efficiency motors, electric vehicle motors, and wind turbines. The market for these elements is expected to double over the next decade. The Olserum asset, with an initial focus on a historic resource of 7.8 million tonnes at 8.6% rare earth dioxide, is part of this strategic positioning.
Kelly outlined the company's M&A model focused on acquiring distressed and undervalued green economy assets in Europe, de-risking them, and then selling them with a structure that includes upfront cash and future royalty interests. The company has identified post-IPO M&A opportunities across critical minerals, wind, and solar projects, along with rehabilitation and processing projects.
EGT is currently exploring a range of these opportunities, including a mine and processing facility currently in administration and a potential rehabilitation project in Western Europe.
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