They don't necessarily need a share diluting capital raise because the are generating profits from their Retail and consulting businesses, and once they build out their own assets they can leverage those to access additional capital, rinse and repeat. They are also talking about 50% partnerships with Brickworks and Australian Gas Networks which reduces the amount of capital required while making it easier to access additional credit.
This is not to say there will never be a capital raise but its far from a certainty at this point in time. The CEO has said before they don't intend to do it unless their is a clear value add opportunity. Remember the founders hold 50% of the stock so a cap raise is not in their interest either.
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