Perth-based renewables company Hazer is focused on advancing its Hazer Process, its world-first low-cost, low emissions hydrogen technology that is to disrupt current hydrogen supply market. Hazer is now only weeks away from completing the procurement of the final equipment prior to installation and commissioning.
The non-renounceable entitlement offer was underwritten by $6 million and over 50% of shareholders took up their entitlement raising $7.7 million. The remaining $7 million was raised from sophisticated and institutional shareholders.
Glenn Corrie, Hazer’s MD and CEO said: “The next 12 months is a very exciting phase on our strategic roadmap and this funding together with our cash and other sources of funds, strengthens our liquidity enabling us to deliver our CDP as planned and concurrently execute our growth strategy to accelerate the commercialisation of our world-first technology.”
In 2023, Hazer has also signed a number of strategic MoUs with global energy behemoths Engie, Chubu and Chiyoda to propel Australia’s decarbonisation efforts by taking its technology overseas and building plug-and-play energy generation at existing energy plants.
Proceeds from the raise will support operational performance and testing for the commercial demonstration plant and advance the significant catalysts in the short term to unlock further value for shareholders.
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