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German turbine manufacturer RePower prepares flotation
1 April 2002
German turbine manufacturer RePower Systems was preparing a flotation on the new markets section of the Frankfurt stock exchange last month. The initial public offering was due on March 26. Two million shares, valued at between EUR 38-45, were to be offered to raise up to EUR 90 million in capital, as well as 300,000 shares owned by an existing stakeholder. If all the shares are subscribed, the company will have a free float of 42.6%. RePower boss Fritz Vahrenholt says the proceeds of the emission will go into "expanding the company's successful technology platform, developing attractive sites abroad and offshore technology." Created in 2001 from the merger of turbine manufacturers Jacobs Energie of Husum and BMU of Trampe with engineering company Pro+Pro, RePower Systems employs 270. The company says it has installed 650 turbines worldwide, its workhorse turbine being the MD70/77 1.5 MW model, also made under licence by manufacturers like Fuhrländer and Südwind (part of Nordex). The MD70 has a 10% market share for turbines of this size, RePower claims. Spain's Gamesa acquired a licence to build the machine earlier this year and the Japanese Meidensha Corporation could follow suit soon (page 16). The company is also developing a 5 MW machine for offshore use.
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