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QuestAir completes IPO C anadian-based gas purification spe- cialist QuestAir Technologies has completed its IPO, consisting of a new issue of 8.6 million common shares for gross proceeds of C$15m (ยฃ6.4m, US$12m). The company's shares began trading in late December on London's Alternative Investment Market (AIM) and the Toronto Stock Exchange.
Jonathan Wilkinson, QuestAir's president/ CEO, says the dual listing gives access to a deep capital pool, 'including knowledgeable investors who understand our markets, our technology and our opportunities.' The proceeds will be used to fund the company's growth, including the launch of second-generation products to serve existing and emerging markets. he adds.
The company's products are based on proprietary innovations in pressure swing adsorption (PSA) technology, which is applied extensively in producing and purifying hydrogen, oxygen and nitrogen for industrial uses. QuestAir has 25 granted patents and 111 further applications.
QuestAir has supplied its first-generation products to the industrial hydrogen and biogas processing markets, and for use in hydrogen fueling infrastructure demonstration projects [FCB, October]. To date, the company has sold 49 systems to approximately 25 customers in North America, Asia and Europe.
The company has a joint development agreement with Shell Hydrogen, intended to accelerate the development of QuestAir's compact hydrogen PSA systems for use in producing hydrogen from natural gas feedstock for the anticipated hydrogen fueling infrastructure. Shell Hydrogen invested US$11m in QuestAir as part of the transaction.
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