News

July 24, 2006

Novera Energy Is Betting on the UK For Its Portfolio Of Renewables

By Rue Swabey

Novera Energy’s business is diversified with a portfolio of renewables but geographically it is taking a bet on the UK. Novera’s portfolio includes three technologies: wind, advanced energy from waste and landfill gas. The company was founded in Australia in 1998, but soon migrated to the UK given the opportunities arising from government targets to increase demand for renewable energy. Novera was listed on AIM in June 2005 and de-listed from the Australian Stock Exchange in April 2006. About half of the shares remain with Australian shareholders including the company’s founder and an angel investor. Its new UK-based management team is headed by David Fitzsimmons, who was appointed CEO in October 2005, after 27 years at British Petroleum.

Mr Fitzsimmons, who is delighted to be at the helm of a small company, enthuses about the merits of managing a portfolio of renewable technologies. Not only can he rely on revenues from the mature businesses to support ones in development but if a government energy review alters the attractiveness of a particular renewable, management focus can be switched to another business unit.    

Novera’s experience in wind development positions it well as the industry moves closer...