Novera raised about £5.3 million (A$13m) through a placing of 9,189,044 ordinary shares to UK institutional and professional investors at 58p per share in order to fund new investments. On admission to AIM, the Company has a market capitalisation at the Placing price of about £31.8m.

Novera is a diversified renewable energy business with a focus in the UK and selected European countries. It concentrates on the higher return areas of the renewable energy sector - wind power, small hydro power and generation of electricity from methane gas extracted from landfill sites.

The company was established in Australia in 1998 and listed on the Australian Stock Exchange (ASX) in 2002. Its shares are now listed on both AIM and ASX and can be traded between the two markets. Novera used the fast-track “designated markets" route to join AIM.

In other news, the company has appointed former Speedy Hire PLC chief executive John Brown as its non-executive director and deputy chairman.

Brown is currently chairman of Voller Energy, which listed on AIM in February, chairman of Scott Harris, an investor relations consultancy, a non-executive director of UK car dealership Lookers, and a member of the North West Economic Panel of Bank of England. Brown has also held posts at Rolls Royce, Binks Bullows, Midland Industries and A Robinson & Co.

Novera Energy's current deputy chairman, Donald Farrands, will remain on the board as a non-executive director.