Gas Turbine Efficiency Plc, a provider of proprietary cleantech systems that improve the performance of industrial and aviation turbines, has announced that it has conditionally raised almost £7 million through a share placing

Gas Turbine Efficiency Plc (GTE), a provider of proprietary cleantech systems that improve the performance of industrial and aviation turbines, has announced that it has conditionally raised almost £7 million before expenses through a share placing on the London Stock Exchange’s growth market, AIM.

The shares were placed with institutional investors and represent 28 per cent of the company’s enlarged share capital. The proceeds of the placing will be used to accelerate GTE’s revenue growth through European and Middle Eastern expansion as well as targeted acquisitions.

The placing was conducted by joint brokers Collins Stewart and Mirabaud Securities.

In 2007, GTE, a UK-registered enterprise with headquarters in the US and Sweden, hit the acquisition trail twice, buying Control Center LLC and Ares Technology. The company has since identified a number of businesses that would complement its core activities.

Steven Zwolinski, CEO of GTE, said: “We are pleased that a wide range of shareholders have chosen to support this placing. GTE has a clear growth strategy and this placing will help accelerate our growth plans.”

Last year, GTE’s revenue almost doubled to $35.1 million (£23.2 million), up from $17.8 million in 2007. The company also reported that it was in the black, delivering pre-tax profits of $900,000 compared with a $2.9 million loss during the same period.