Capping off a big month for ReNu Energy Limited, the company closed its capital raise oversubscribed, collecting $4.5 million before costs through the issue of 75 million new shares.
The newly raised capital, the ASX-listed ReNu said, will go towards its Tasmanian and Indonesian green hydrogen projects – which it is primarily pursuing through its wholly owned subsidiary Countrywide Hydrogen, which it acquired in February.
In Tasmania, ReNu is moving to build a modest 5 MW facility at Brighton near Hobart. It also recently announced its plan to work with Australian Pacific Airports to develop another 5 MW facility at Launceston Airport, where the design is set to deploy a solar array on vacant airport land to provide behind-the-meter electricity.
Also in November, ReNu announced its memorandum of understanding (MoU) with Anantara Energy, a partnership between Singapore-based independent power producer Quantum Power Asia and German PV developer ib vogt, to investigate the feasibility of developing a large-scale green hydrogen production facility in Indonesia’s Riau archipelago. The plan features a 10 MW electrolyser supported by at least 100 MW of solar.
“This capital raise improves our balance sheet and strengthens our financial position to progress our various green hydrogen projects to the next stage of development and co-invest alongside HESTA who recently signed a term sheet for up to $100 million investment in our green hydrogen projects,” ReNu Energy CEO Greg Watson said.
“The raise also allows us to boost our internal team to increase our ability to deliver on our project plans and build our portfolio of strategic renewable & clean energy investments,” Watson added.
The company’s busy November has seen its share price climb 50%, clawing back some of the value it has lost in the past years.
Melbourne firm Peak Asset Management acted as corporate advisor and lead manager to ReNu’s capital raising.
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