Blue Elephant Energy AG cancels IPO

Solar park Midden Groningen by Blue Elephant Energy AG

The IPO announced in June by Hamburg-based solar and wind farm operator Blue Elephant Energy AG (BEE) for the third quarter has been canceled. The company had planned to issue new shares from a capital increase to implement its growth strategy and was aiming for gross proceeds of around €150 million (we reported).
Blue Elephant has now announced that the Athos Family Office of the Strüngmann family is joining as a major shareholder with €75 million and will thus hold 15 percent of the company. In addition, there is an option for follow-up financing of the same size. Among other things, the family office is the majority shareholder of Biontech SE, in which the Strüngmann family has held a »significant stake« since its foundation.

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