Significant progress has been achieved in recent weeks. Agreement has been reached with the Australian Renewable Energy Agency (ARENA) on variations to the funding agreement entered into on 11 December 2017, which will result in a payment of $425,000 to Greatcell in the next week. This milestone-based payment increases the grant payments made by ARENA to date to approximately $575,000, with a further $5.425 million remaining payable as the Project advances.
New Moonie Petroleum Pty Ltd (“New Moonie”) has agreed to acquire the $2.4 million convertible note entered into in late 2017 by Shairco (an associate of Tasnee) and will shortly make the first of 4 equal payments of $600,000 to occur over the next 12 months.
In relation to the sale of the Company’s material production assets (refer announcement dated 27 August 2018) the second tranche of $200,000 was paid in October 2018, and the new company (Greatcell Solar Materials) is uninterrupted in its operation with pleasing sales growth. GSL has retained a 50% ownership interest.
The financial commitment from New Moonie in acquiring the convertible note provides improved confidence in relation to the proposal to provide further investment funds of up to $15 million over the next 3 months with the establishment in Australia of their food, water and energy focused infrastructure fund. This will ensure that our Major Area Demonstration prototype project is fully funded. Once this refinancing has been completed, the Company intends to seek relisting of its securities on the ASX.
Due to the late preparation of its FY2018 accounts and the mandatory audit, the Greatcell Solar Limited AGM is now expected to occur in February 2019.
The Company greatly appreciates the ongoing patience and understanding shown by stakeholders and remains committed to its technology commercialisation objectives.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.