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Helius Energy’s results low but biomass investment high

Helius Energy has released its results for the 2010-2011 financial year and says its profit before tax was just £7,200 (€8,664) although it had a cash balance of £500,000, raising £6.3 million in a secondary placing of shares.

The company, which produces energy from biomass as well as other sources, says despite these figures it managed to secure third party equity of £9.3 million for the CoRDe project.

This development involves taking biomass coproducts that are created during the making of malt whisky and converting them into renewable electricity and animal feed protein supplements, by putting them through a combined heat and power plant in Scotland.

The project has already begun construction and it is though that the commissioning will begin in the third quarter of this year, with operation commencing in the first half of 2013.

The company is also in the process of applying for permission to build a biomass to electricity plant in Southampton, UK, which will generate 100MWe. It has commenced the consenting process for this development.

Helius has also secured a lease agreement of an 18 acre site in Avonmouth, UK, to build a 100MWe biomass power plant.

For both of these developments, Helius has invested £8.3 million.

John Seed, chairman of Helius Energy, says: ‘Helius is well positioned and resourced to build upon our previous success. Biomass generation provides base load power and has a substantial role in the UK’s future energy mix, and we have the expertise and flexibility to deliver these much-needed projects.  Our strategy remains focused on delivering our projects to financial closure and managing their implementation and operation.’