DynaMotive Energy Systems Corporation (OTCBB:DYMTF) announced it has raised $ 4.3 million in private equity since December 1, 2005 plus an additional $ 0.7 million from the exercise of warrants and options.
The Company further announced that it has commenced its capital and development program for 2006. Key objectives of the program include the development of two 200 tonne per day projects previously announced, as well as a program of advanced technology development and product testing. The Company is entitled to receive matching funding from Technology Partnerships Canada for certain aspects of its development program, thus allowing it to further leverage its investment in technology.
“We are pleased to announce the success of our financing initiatives and the implementation of a capital spending program that will result in accelerated development of advanced pyrolysis plants and a more aggressive market penetration program,” said Andrew Kingston, President & CEO of DynaMotive. “In December, after careful review of our near-term revenue expectations, our outstanding warrant and option positions, project finance capabilities and capital requirements for 2006 and 2007, we were able to reduce our near-term financing requirements and have thus avoided unnecessary dilution to shareholders. Protecting and enhancing shareholder value is a key objective for management. Through the implementation of this strategy, we are in a position to deliver on both counts.”
DynaMotive is an energy systems company focused on the development of innovative energy solutions based on its patented fast pyrolysis system. Through the application of fast pyrolysis, DynaMotive unlocks the natural energy found in the world’s abundant organic resources normally discarded by the agricultural and forest industries. DynaMotive’s technology economically converts biomass into a renewable, environmentally friendly fuel. DynaMotive has successfully demonstrated conversion of these residues into fuel known as BioOil.
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