VN Automotive closes third EIS funding round at £3k per share
The company completed its final EIS raise to fund pre-negotiated fixed-cost contracts without further equity dilution.
VN Automotive develops automotive technology focused on exhaust heat recovery systems. The company has completed its third EIS funding round.
VN Automotive has closed its third EIS funding round, selling shares at £3k each. The company aimed to stick to a budgeted figure to prevent further dilution of equity.
Proceeds from the raise are allocated to cover pre-negotiated fixed-cost contracts. These funds will finance the delivery of the first characterised exhaust heat generation system mounted on a static generator engine, providing the firm with a commercially viable product.
From the founder
"It was always our intention to keep to the budgeted figure and save any further dilution in the company. This raise is budgeted to pay for pre negotiated ‘fixed cost’ contracts that will deliver the first characterised EHG mounted on a static generator engine thus providing VNA with a saleable solution"
DN
David Newman
Chairman at VN Automotive
Use of funds
- 01Continue product development
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