Clean tech company aims to capitalise on oil market downturn

A CLEAN TECH company backed by an oil industry veteran and former Big Six energy boss is set to make its debut on London’s junior Aim market today.

Verditek, which produces solar energy, carbon capture and water filtration products, has raised around £3m through its float. It will have a £16.5m market cap on admission.

Geoffrey Nesbitt, chief technology officer at FTSE 250 oil services group Petrofac, was named chairman. José Luis del Valle, a former chief executive of Scottish Power, has also joined the board as a non-executive director.

Verditek is hoping to capitalise on rising investor appetite for clean technology amid the oil market downturn and big utilities’ sluggish adoption of green energy.

The company says all three of its business areas have proprietary products with near-term revenue potential.

Theo Chapman, chief executive of Verditek, told The Daily Telegraph it plans to use the proceeds from the float to speed the development of its three business areas, starting with solar.