Former Manx Electricity Authority chairman, Mike Proffitt, has seen his new company raise £4 million in a share offering.
Renewable Energy says it raised the cash to develop further wind and wave power projects.
The company, which is listed on the Alternative Investments Market, will also receive another £2.35 million through previously issued warrants.
Mr Proffitt, the company’s chief executive officer, says £250,000 will be set aside for expenses and the rest will help expand wind power and wave power operations in Germany, Poland and Wales.
Renewable Energy lost £1.5 million in the last six months of last year.
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