Alternative fuel company Quadrise Fuels International said it had secured £2m of funding via the first tranche of an issue of convertible securities, and would also launch an open offer of additional new shares.
The £2m of funding would progress recently-announced business development opportunities towards trial projects and commercial contracts.
Quadrise said the funding would secure its financial position through to June 2020.
The company had entered into a convertible securities issuance deed with Bergen Global Opportunity Fund for the issue of two tranches of convertible securities.
They had an aggregate subscription price of up to £4.0m and a par value of up to £4.3m.
Quadrise also confirmed that it would offer existing shareholders the opportunity to participate in an open offer of share to raise up to £1.5m, priced at 3.96p per share, with warrants attached.