Australian-headquartered ReNu Energy has today (November 23) announced it has completed a capital raise of $4.5m to advance its green hydrogen projects.
Selling shares at $0.06, the company has said it has welcomed several new funds, family offices, and new shareholders to its register, as it continues to build its portfolio of renewable and clean energy investments.
The funds come as the company and its subsidiary, Countrywide Hydrogen looks to establish 1-2MW and 10MW green hydrogen production facilities in Brighton, Tasmania, and in Riau Archipelago, Indonesia, respectively.
Read more: Tasmania hydrogen project in Brighton identifies site
Read more: Agreement signed to study feasibility of 10MW green hydrogen plant in Indonesia
Additionally, on November 17 (2022), the Australian company announced Countrywide had signed a Memorandum of Understanding (MoU) with Australia Pacific Airports for the development of a multi-purpose green hydrogen project at Launceston Airport, Tasmania.
Under the terms of the MoU, Countrywide and the airport would commence project design for an initial project up to 5MW of electrolyser capacity, which would see the installation of solar PV on vacant land.
The $4.5m raise follows on from ReNu announcing it had agreed on a non-binding term sheet with Australian superannuation, HESTA for the investment of up to $100m for the development of green hydrogen projects.
“This capital raise improves our balance sheet and strengthens our financial position to progress our various green hydrogen projects to the next stage of development and co-invest alongside HESTA,” said Greg Watson, CEO of ReNu Energy. “The raise also allows us to boost our internal team to increase our ability to deliver on our project plans and build our portfolio of strategic renewable and clean energy investments.”
Geoffrey Drucker, Managing Director of Countrywide Hydrogen and Executive Director of ReNu Energy, commented, “Our Tasmanian projects in Brighton north of Hobart and the recently announced project at Launceston Airport are progressing as planned, and the cash injection from this capital raise allows these projects to reach the next stage of development, and further progress the green energy self-sufficiency ambitions of Tasmania.”
