Cyan, the Cambridgeshire manufacturer of ‘smart metering’ equipment, is looking to raise £12.5 million that could be used to fund an acquisition.
The AIM-listed business, which is based in Swavesey, released a statement at the end of last month in response to what it describes as “recent speculation” about its intentions.
It said: “Cyan confirms that it is considering its options to raise finance to be used for a potential acquisition and for working-capital purposes, although the terms of any potential placing have not yet been agreed.”
Cyan’s communication system allows the control and measurement of energy in smart meter and lighting products. The company has seen demand rise significantly in recent months, and it won a £10 million order from a firm in Iraq in March.