Gazonor obtains €3m funding from CAP 3RI
Gazonor obtains €3m funding from CAP 3RIFINANCING ISSUE
FACT
LFDE’s Gazonor subsidiary has issued €3m of 7 years convertible bonds to CAP 3RI, with a pre-money valuation of €63m. CAP 3RI is an investment company focusing on the Northern France region and specializing in opportunities related to the Third Industrial Revolution.
ANALYSIS
This funding should support the further development of coal mine methane operations in Northern France. LFDE continues to grow its capacity to provide an economically and ecologically competitive clean energy for local consumption.
La Francaise de l'Energie is engaged in the operation of the French energy sector, with gas assets in northern and eastern France, specifically coal bed methane. Co. aims to substitute a portion of the gas imported into France with coal bed methane, which it produces, due to its low carbon footprint and production cost. Co.'s operations are mainly located in two areas: Lorraine, located in eastern France close to the Franco-German border, and in Nord-Pas-de-Calais, in the Hauts-de-France region located at the Franco-Belgian border. Co. operates in two operating segments: Lorraine which includes the exploration and certification of gas reserves and Avion which includes gas production.
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