Carbonxt to join RWL Water on Aussie stock exchange
Published December 7th, 2017
Carbonxt, a US technology firm focused on selling non-brominated activated carbon products for removing mercury from coal power plant effluent, closed the bookbuilding for its initial public offering on the Australian Stock Exchange today, ahead of listing on 20 December 2017.
The US EPA’s Mercury Air Toxic Standards regulations require all US coal-fired power stations to remove mercury from their emissions, and Carbonxt also expects to benefit from tighter global mercury regulation following the UN’s Minamata Convention, ratified in August 2017.
The company is issuing 14.3 million shares at A$0.70 each to raise A$10 million (US$7.6 million), giving it a post-money market capitalisation of A$51.1 million. Although revenues are expected to grow from A$3.8 million to A$8.8 million this year, Carbonxt has been loss-making to date, partly because it has been selling its AC products below the cost of production to achieve commercial validation.