Ora Technology is a company that is developing a carbon credits trading platform called Ora Carbon. The platform will enable the buying, selling, and retirement of carbon credits on voluntary carbon markets, catering to both retail and institutional investors. The company’s executive chairman, Michael Edwards, previously founded Argo Blockchain and other Aquis-listed companies like NFT Investments.
The initial fundraising target for Ora Technology was £1.5m, but they were only able to raise £835,000. However, there is a possibility of issuing further shares following the flotation through an overallotment option. The share price of Ora Technology has doubled to 4p, and there were four trades in the first two days of trading, with prices ranging between 3p and 4p per share.
The company’s software development partner, Crowdform, is working on version one of the trading platform, which is expected to be completed in the third quarter of 2023. The beta launch is planned for the fourth quarter, with a full launch scheduled for next year. Ora Technology aims to generate revenues from transaction fees and project introduction fees, and they also have plans to offer a white-label B2B version of the platform for fintech companies.
In terms of financials, prior to the flotation, Ora Technology raised £654,000 through placings and issued shares to pay invoices totaling £110,000. Pro forma cash is estimated to be around £1.23m. The company has appointed First Sentinel as its corporate adviser, who receives an annual payment of £42,000, and Clear Capital as its broker, who receives an annual payment of £30,000.
The major shareholders of Ora Technology include Michael Edwards, who owns 24.2% of the company, Nicholas Lyth with 0.8%, and Jonathan Hives with no shares. Other major shareholders include Fidelio Partners, California Two Pizza Ventures, and Toro Consulting, each owning 5% of the company. There are also warrants exercisable at 1p each, with the majority owned by Michael Edwards.
In summary, Ora Technology is developing a carbon credits trading platform and has recently raised £835,000 in a fundraising round. The company aims to launch its trading platform next year and generate revenues from transaction fees and project introduction fees. Despite the lower-than-planned fundraising, the company’s share price has doubled, and they may issue further shares in the future.