The company has recently appointed Collins Stewart Ltd as broker for the float, a move which executive chairman David Scaysbrook said is an important step towards establishing Novera Europe as an independent business in the European renewable energy markets.

The company is calling a General Meeting of shareholders on 30 January 2004 to vote on the proposed listing and the issue of new share capital in Novera Europe.

"We are extremely excited about the prospects for Novera Europe, and believe that UK and our Australian investors will share our enthusiasm. The UK Government has demonstrated a powerful commitment to renewable energy and just last week significantly lifted its existing renewables target to generate over 15% of Britain's electricity from renewable sources by 2016."

In order to effectively cope with the float and transition of the company Dr Don Stammer has been appointed as chairman of NVE from 1 January 2004, while David Scaysbrook will be appointed executive chairman of Novera Europe, while remaining a director of NVE.

Stammer is also chairman of Mosaic Oil and a director of ING Australia.