Investors have backed Canberra-based international renewable energy company Windlab on its first day of trading on the stock exchange, after an oversubscribed initial public offering which is set to benefit the ACT economy.
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Founded in 2003 as part of efforts to commercialise CSIRO developed technology related to atmospheric modelling and wind mapping, Windlab attracted $50 million in capital through 25 million new shares, including stock issued to all its ACT-based staff.
The company's global headquarters are located in Canberra, along with an asset management centre and a technical centre of excellence.
Using the advanced tools developed by its staff, Windlab helps locate and develop high quality wind energy sites, including playing a foundation role in the development of the wind industry in Australia and South Africa.
Chief executive Roger Price said the stock was stable on the first day of trading, and nearly all the company's staff had become shareholders.
"Obviously we're raising capital so that we can take larger stakes in the wind farms that we develop and construct.
"We are also looking forward to the recognition and prestige that goes with being on the public markets. Ultimately it gives us the opportunity to continue to grow and access those markets when we need to," he said.
Already with more than 580 megawatt wind farm capacity on three continents, the company is actively developing nearly 50 other renewable energy projects, seeing it with growing strength across Australia, North America and Southern Africa.
The company was part of the ACT Government's first wind auction announced in February 2015. Its development of the Coonooer Bridge Wind Farm in Victoria achieved a record low feed-in tariff rate of $81.50 per megawatt hour from the ACT.
Mr Price said fully 50 per cent of the proceeds from the move to become publicly listed would see existing shareholders realise some of their long-held investment, with the remaining new capital set to go to completion and funding of phase one of the new Kennedy Energy Park in far north Queensland.
The park is expected to commence operations by the end of 2018. It has 60MW wind, solar and storage hybrid energy facilities located near Hughenden, Queensland
Windlab believes the hybrid project will demonstrate many of the findings of the federal government's independent electricity market review, completed by Chief Scientist Alan Finkel, including more capacity from renewable sources, distributed energy generation and improved reliability and network security.
"Windlab has been growing and profitable for a number of years, despite some pretty tough times in the renewable energy industry, particularly through 2013 and 2014," Mr Price said.
"The company has continued to grow and be profitable.
"The investor base has recognised that the renewable energy industry has now become the main core of the electricity industry. More than half of all investment globally over the last three years has occurred in renewables, more than all other forms of generation put together. The reason for that is wind and solar is now the cheapest form of technology you can build."
Company founders Keith Ayotte and Nathan Steggel remain involved in the operation's management and as shareholders.
Mr Price said about 10 per cent of the company was owned by employees.
"We feel very aligned with our new shareholders and we want to build wealth for them and for us going forward," he said.
