What is supposed to be happening with ECT as per their own announcements appears below.
It was a bit hard to follow over time with ECT saying one thing and later saying another.
For example the 39MW turbine in one announcement gets changed into a 10MW one in another."GrapheneX will commit to supplying a multi-feedstock 39MW turbine to be installed at ECT’s Bacchus Marsh site. GrapheneX will also supply funding of $3.5m for installation of the turbine and the formic acid process equipment."
But he following is what has been announced by ECT to be completed by May 2023. Also that via a share placement it now has the capital for this.
So we can all watch for this happening and any pleas that they need capital to do it:
Completion of the COLDry plant to produce feedstock for the pyrolysis kilnoppins;font-size:16px;font-style:normal;font-weight:400;background-color:rgb(255,255,255);">
ECT is responsible for the completion of the COLDry plant:Installation of the pyrolysis kiln to produce char and syngasECT will be responsible for installing the pyrolysis kiln and associated equipment to deliver syngas to downstream applications.ECT is responsible for the estimated budget of $3.5mInstallation of the open cycle gas turbine to produce electricity using the syngas supplied by ECT
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GrapheneX will be responsible for:installing the open cycle turbine at the Bacchus Marsh Sitesyngas receiving and distribution infrastructureelectrical infrastructure required for the turbine and connection through to the grid
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ECT is responsible for:providing a suitable location for the installation of the open cycle gas turbine.the supply of syngas to GrapheneX offtake point.Upgrade of the formic acid (FA) process using syngasoppins;font-size:16px;font-style:normal;font-weight:400;background-color:rgb(255,255,255);">
GrapheneX will be responsible for:Developing and installing the FA micro-pilot plant, supplied by bottled gas streams during initial process calibration trialsScale-up of the micro-pilot plant to accept production syngas streams from ECT’s demonstration plantthe estimated budget of $3.5m.oppins;font-size:16px;font-style:normal;font-weight:400;background-color:rgb(255,255,255);">
ECT is responsible for:providing a suitable location to accommodate the FA plant(s)the supply of syngas to the GrapheneX offtake point
Announcement that funding for all this was completed:
oppins;font-size:28px;font-weight:600;color:rgb(64,64,64);font-style:normal;background-color:rgb(255,255,255);">Placement Details
oppins;font-size:16px;font-style:normal;font-weight:400;background-color:rgb(255,255,255);">The Company is pleased to advise that it has received firm commitments to raise gross proceeds of $5m via a share placement to institutional and sophisticated investors. The share placement was strongly supported and will see several new institutional shareholders join the Company’s register.
oppins;font-size:16px;font-style:normal;font-weight:400;background-color:rgb(255,255,255);">
The share placement will comprise the issue of 166,666,667 new fully paid ordinary shares (“
Placement Shares”) at an issue price of $0.03 per share (“
Placement”). Completion of the Placement is expected to occur on or around 3 May 2022. In addition to the Placement, for every 3 shares issued under the Placement, the Company will issue 2 free attaching listed options with the same terms as the Company’s existing listed option on issue (each exercisable at $0.03 expiring 23 February 2023 with ASX code ECTOE (‘’
Placement Options’’). The first attaching Placement Option will be issued pursuant to the Company’s 15% capacity under Listing Rule 7.1 and at the same time as the Placement Shares. The second Placement Option is subject to shareholder approval to be sought at a general meeting of the Company proposed to be held in June 2022 (
Meeting).
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166,666,667 of the Placement Shares shall be issued pursuant to the Company’s 15% capacity under Listing Rule 7.1.
oppins;font-size:16px;font-style:normal;font-weight:400;background-color:rgb(255,255,255);">The issue price represents a 9% discount to the last traded share price of 0.033 cents, 9% discount to the 5-day volume-weighted average share price, and 10% discount to the 30-day volume-weighted average share price.
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Kaai Capital Pty Limited (‘’
Kaai’’) and Peak Asset Management (‘’
Peak’’) have been separately appointed to act as Joint Lead Manager for the Placement (
JLM's). In consideration for lead managing the Placement, the Company will pay the JLMs a fee of 6% of the amount raised and issue to them (or their nominees) a total of 10.2M ECTOE options. Funds raised under the Share Placement will be applied as follows:
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$3.5m to fund ECT’s obligations under the JVA, being the installation of the pyrolysis kiln and site preparation for the turbine, formic acid process and Hydrogen Hub;$1.2m for general working capital; and$0.30m in capital raising costs.
