The Fremantle-based AIC subsidiary issued convertible notes to investors, including several private fund managers. The notes can be converted to AIC shares prior to the proposed listing.
Alocit Australasia said the funds would be used to grow its recently established Australian operations and provide working capital for the group.
Key investors include Entrust, Macquarie Private Banking and Azure Capital.
Alocit Australasia established its Australasian headquarters in Perth, Western Australia, earlier this year after extensive independent product testing and sales in the resources sector in the north-west of the state.
Extensive tests on pulley bearing housings with Alocit's Enviropeel thermoplastic coating product had already demonstrated a 90% reduction in maintenance costs and favourable return on investment for users, the supplier said.
“If implemented across the entire company’s mining operations, it is estimated that this area of application alone could deliver cost savings in the millions of dollars,” Alocit said.
“Results to date have shown service life between outages more than tripled, with tests continuing and further component life extension expected.
“Similar protection can also be achieved in the long-term safe storage of machined components and equipment prior to utilisation, completely eliminating the expensive double-handling pre-installation checks required to confirm the condition of bearings and seals on rotating equipment.”
Enviropeel is a sprayable thermoplastic coating with built-in corrosion inhibitors that creates a long-lasting, impermeable and flexible barrier against rust and abrasive materials.
