The first green tech company in Asean to raise funds through an ECF platform, GLT is a one-stop center that turns organic waste into renewable energy.
The MYR800,000 it is raising translates to a stake of 6.5 per cent. The funding raised will be for the purpose of increasing its stake in two existing 1MW biogas plants located in Pahang to 40 per cent each. The remaining 60 per cent is owned by Cenergi SEA, a subsidiary of state investment arm Khazanah Nasional Bhd.
The shares offered shall be in the form of cumulative convertible preference shares which has a fixed dividend of 6 per cent per annum for three years, with a mandatory conversion to ordinary shares in the event of an initial public offering exercise or at the third year, whichever is earlier.
With the funding, the company will have a post-money valuation of MYR12.2 million, based on a price-to-earnings multiple of 4.5 on the forecast net profit after tax of the financial year of 2016.
GLT is provides solutions for biogas harvesting, storage, treatment, utilization and carbon reduction monitoring for palm oil mills to optimize their wastes and generate income streams. The company, which has a proven track having completed more than 10 biogas projects, also provides Build-Own-Operate-Transfer (BOOT) and turnkey solutions for palm oil millers to manage biogas emitted by palm oil mill effluents.
CrowdPlus.asia chief operating officer Bryan Chung sounded gratitude for the partnership with BiotechCorp, “which gave us the opportunity to bring ECF education to their companies resulting in GLT raising funds through equity crowdfunding”.
“This offer demonstrates equity crowdfunding is suitable not only for tech companies, but for SMEs as well in niche sectors such as renewable energy. We remain steadfast in our evaluation and curation methodologies which are derived from over 15 years of venture capital experience to ensure only quality companies are published on our platform. The fact that GLT now is on the platform is a reflection of their strength and immense potential in the area of green technology,” he said.