Since the closure of the Mariana Water Turbine EIS at the end of March, and the allotment of shares on the 4th April, Mariana have been working hard to get the underlying company trading.
The company has now begun trading, ahead of schedule. The underlying company has installed its first turbine, which is now generating energy, and will use the residual funds to purchase and install turbines in the pipe networks owned by one of the UK’s largest water utility companies.
As such, Mariana are on track to get EIS3 certificates out to investors before the 31st January 2017 – which is the timeframe they stipulated in the brochure. It is worth noting, however, that the certificate process requires HMRC input and therefore cannot be guaranteed.