Carbon-capture support spurs MBD's $100m IPO

Victoria-based MBD Energy is preparing to launch an initial public offering next year, bringing forward its float plans after receiving strong support for its carbon capture technology.

MBD Energy chief executive and co-founder Andrew Lawson said the group would seek to raise between $60 million and $100m, and already had two cornerstone investors in coalminer Anglo American and private equity firm The Sentient Group.

MBD Energy, chaired by former BHP chairman Jerry Ellis, has struck agreements with three coal-fired power stations to use its algae-producing carbon capture and recycling technology. The first project, which is in a pilot phase, is being conducted with the Queensland government-owned Tarong power station.