Hmm, this financing situation is getting increasingly concerning. It's been over two months since the company updated shareholders - back on 5th of May in relation to the cap raise. I've written to the company to get an update, but I suspect no announcement means there's nothing to announce.
Looking through the macro data of business lending, there has been no decline until May 2022 when the ABS / RBA released the most recent data. But, maybe it's different for bioenergy, as I note that LGI has made no announcements since their planned IPO
https://www.copyright link/street-talk/terms-out-for-biogas-outfit-lgi-limited-s-25m-ipo-20220301-p5a0p0Take a look at DESAO as a case study of why financing is so important. They applied for the initial application in 2018 - and all good:
https://www.dit.sa.gov.au/__data/assets/pdf_file/0005/499784/361-L007-18_Application_documents.pdfIn February 2021's IPO, they note that the partner has not got FID despote all land acquired etc, but Clean Peak will have FID by 2Q21. In May 2021, that fails and so Delorean takes 100% of the project. At that time, they announce they expect financing to be secured including ARENA grant with construction to start by September 2021. Here's a media article that summed it up nicely:
https://www.businessnews.com.au/article/Delorean-takes-control-of-SA-gas-projectIn February 2022 with the 1H Report, the last time we received any update on DESAO, it said "FID anticipated 2Q2022" which clearly hasn't happened, and construction will begin by now.
Arena has been announcing new grants over that time - though it paused during caretaker mode. However, no announcements for bioenergy at all - mainly batteries to be honest .
https://arena.gov.au/news/
My guess is that the ARENA grant needs to be in place for financing, and this is part of the delay. However, as a company, Delorean can't progress until DESAO's FID is resolved.
No doubt as
@LongCleanEnergy and
@Halo99 noted, management are getting a rude lesson in capital financing at the moment.
