Australian hydrogen tech play Hazer has successfully raised $14.7 million from existing shareholders and institutional investors as it charges ahead towards the start-up of its commercial demonstration plant later this year.
Related article: Hazer to raise $15.3 million for commercial scale-up
Hazer is a Perth-based renewable company that is focused on bringing the Hazer Process, its world-first low-cost, low emissions hydrogen technology that is to disrupt current hydrogen supply market. Hazer is now only weeks away from completing the procurement of the final equipment prior to installation and commissioning.
The non-renounceable entitlement offer was underwritten by $6 million and over 50% of shareholders took up their entitlement raising $7.7 million. The remaining $7 million was raised from sophisticated and institutional shareholders.
Hazer MD and CEO Glenn Corrie said, “The next 12 months is a very exciting phase on our strategic roadmap and this funding together with our cash and other sources of funds, strengthens our liquidity enabling us to deliver our CDP as planned and concurrently execute our growth strategy to accelerate the commercialisation of our world-first technology.”
In 2023, Hazer has also signed a number of strategic MoUs with global energy behemoths; Engie, Chubu and Chiyoda to propel Australia’s decarbonisation efforts by taking its technology overseas and building plug-and-play energy generation at existing energy plants.
Related article: Hazer to build green hydrogen production facility in Japan
Proceeds from the raise will support operational performance and testing for the Commercial Demonstration Plant and advance the significant catalysts in the short-term to unlock further value for shareholders.
