Windlab makes its ASX debut with a $10 million bonus from AGL
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A wind energy company with software originally developed at the CSIRO to find the best spots to build turbines has made its debut on the ASX.
Shares in Windlab (ASX:WND) began trading at 12pm Wednesday, after a $50 million initial public offering.
The company’s first announcement was the cherry on top — it just earned a $10 million “milestone success payment” from AGL and its associated Powering Australian Renewables Fund.
Windlab boss Roger Price told Stockhead the windfall was expected, but had come in earlier than anticipated.
Mr Price said the timing was right for Windlab to list as the economics of renewable energy finally became able to “stand on their own two feet”.
“I think myself and the whole team is very excited about achieving this milestone. It’s been an overnight success that’s taken more than 10 years to achieve,” he said.
“We feel like we’ve done all the hard work and hit the market at a good time, so we’re very pleased.”
The $10 million payment is thanks to early stage work by Windlabs on the Coopers Gap Wind Farm in south east Queensland, which AGL acquired in 2010.
When completed, Coopers Gap will be Australia’s largest wind farm. The location was chosen thanks to Windlab’s big selling point — its WindScape software.
WindScape was originally developed by Windlab scientists at CSIRO, and then finished off at the company. It can scan geography and pick the best areas to harness wind energy.
Windlab issued 25 million shares at $2 each to list on the ASX with a market cap of about $135 million.
The company’s debut was relatively stable, with shares changing hands at between $1.87 and $1.96 in the first two hours.
Windlab is based in Canberra, with offices in the US, South Africa and Tanzania, and is pursuing 48 projects internationally.