On the first day of trading on the stock market, Atome Energy’s shares plummeted as investors remained cautious about green hydrogen.
President Energy’s subsidiary, a green hydrogen and ammonia production company, was valued at £26 million when it went public on the AIM market in London.
Green hydrogen options are being explored in an effort to decarbonize the energy sector, which plays an important role in combating climate change.
With the float, the company hopes to raise £9 million at an average price of 80 pence per share, and it comes on the heels of a £6 million placing in which board members and management contributed significantly.
Green hydrogen and ammonia fuels are expected to become more popular and more expensive as a result of the rising cost of natural gas, according to the company.
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