Investors have flooded in to snap up a stake in Perth-based technology investment company Strategic Elements (ASX:SOR).
The pooled development fund reported yesterday its share purchase plan (SPP) had been oversubscribed by more than $3 million, or around 330 per cent.
The company, which operates under a federal government scheme to encourge investment in Australian innovation, said it had recieved $4.294 million in applications for shares under the plan, which was only seeking to raise $1 million.
The company said oversubscriptions would only be accepted at the board's discretion and shares up to the $1 million goal would likely be allocated on first-come basis.
This came a day after the company unveiled plans to develop a self-charging battery with heavy-hitting scientific partners the CSIRO and University of NSW.
That news was enough to put a rocket under the SOR share price, which spiraled upwards from $0.07 to $0.16, a 128 per cent single day lift.
According to Strategic Elements, the batteries create electricity from humidity in the air or skin surface and can recharge in a matter of minutes.
The batteries boast a potential raft of benefits over exiting lithium batteries including being smaller and lighter, not being flammable and being environmentally friendly.
They are designed to be used in Internet of Things devices, a $US8.7 billion market tipped to grow to $US15.9 billion in 2025.
Strategic Elements managing director Charles Murphy said the early stage results were extremely promising.
The battery will share technology with the company's existing nanocube memory ink work.
Company investors receive a range of incentives under the federal government's program including potentially paying no capital gains tax when they sell their shares.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia