The producer and supplier of solar panels is looking to raise £650,000 through the issue of 14bn new shares priced 4.5p each, a premium to its recent share price, which had fallen more than 40% in the past few months.
The aim of the new cash is to boost commercialisation, as well as providing capital for its Italian factory and funding a joint development programme with developer Paragraf.
The collaboration with Paragraf involves studies for the application of graphene, a material made of carbon atoms, on solar panels technology.
An order for its Solar Italy subsidiary, which manufactures lightweight solar modules, was also announced with a Nigerian distributor, beginning with a minimum of 1MW in the first year and increases to 3MW in the second year, with more expected.
The cumulative orders account for 8 megawatts (MW), with the estimated breakeven sales target at between 6 and 7 MW per annum.
Verditek results were also released, showing an operating loss in the period January-June 2019 was £899,000 compared to £969,000.
No revenue was generated as the first order was placed in May and scheduled to be delivered within four months.
The company received fitness certifications in July, paving the way for international sales.
“The tremendous growth forecast in renewable energy is just beginning,” said chief executive Geoff Nesbitt.
“Our experience to date indicates we are entering the market at the right time to inject our energy and products into this surge.”
Shares were up 11.27% to 3.95p in early afternoon trading.