ASX-listed ReNu Energy has received firm commitments from professional and sophisticated investors for a capital raising of $4.5 million.
Proceeds will be applied to progress ReNu’s green hydrogen projects and opportunities, including the project at Brighton in Southern Tasmania and those recently
announced at Launceston Airport and in the Riau Archipelago in Indonesia.
The company aims to become one of the only ASX-listed renewable clean energy incubators/accelerators and being the Australian leader in green hydrogen projects focused on domestic supply.
ReNu chief executive Greg Watson said the funds improved the balance sheet and strengthened its financial position to progress its various green hydrogen projects to the next stage of development and co-invest alongside HESTA, which recently signed a term sheet for up to $100 million investment in the green hydrogen projects.
“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,” he said.