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Trading Emissions bags £135m

By on April 21 2005

Trading Emissions, the world’s biggest fund for investment in emissions assets, arrived on AIM this morning, following a bumper £135 million Numis-advised placing.

The company, a vehicle set up in March to invest in environmental and emissions assets along with ‘certain classes of energy instruments’, is looking to exploit the burgeoning trade in carbon credits. New legislation requires that European companies emitting more carbon dioxide than their quota will have to buy credit from other companies. Apparently, a one-tonne carbon dioxide credit can trade for around 17.

Commenting on the fundraising, chairman Neil Eckert said he was ‘delighted by the level of support received from institutional investors’. Eckert, the chief executive of Brit Insurance until earlier this month, is also a director of AIM-quoted greenhouse gases reducer Climate Exchange, and the chairman of the European Climate Exchange.

Numis and Cenkos Securities are acting as joint brokers to the company.

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