After going into voluntary administration in March this year, Carnegie Clean Energy is back and will resume trading on the ASX after meeting the minimum subscription amount of $5.5 million required.
The funds were received mostly from existing shareholders, as well as new third-party investors.
Carnegie Chairman Terry Stinson said rebooting and relisting the business has been Carnegie’s primary objective since the business entered voluntary administration.
The rebooting of the business included a new digital development pathway for the business and its CETO technology.
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“The new digital development pathway will use advanced analytical models that have already been developed within the company and new modelling capabilities developed over the next two years,” Mr Stinson said.
“The new IP and knowhow that will be created, combined with the existing IP, will be the keys to creating future shareholder value and to securing one or more significant large scale industry partners or OEMs to support and finance a physical CETO build, once the system and hardware are designed and proven through Carnegie’s advanced modelling and in-house test and validation processes.
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“The new Carnegie has a much simplified and easy to manage balance sheet with a more efficient commercialisation and technical development model facilitated by a lower cost digital development pathway.
“The result should be significantly lower operational costs and, more importantly, far less capital cost required to achieve the same goal.”
Mr Stinson also noted the company has undergone a complete culture reset.
Read the company’s full business strategy here.