HESTA invests $100m in ReNu green hydrogen

Hydrogen molecules on green background (aushets)
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ReNu Energy Limited has inked a deal with Australian superannuation fund HESTA for the investment up to $100 million in ReNu’s projects to produce green hydrogen.

HESTA is the largest superannuation fund dedicated to Australia’s health and community services sector. An industry fund that’s run only to benefit members, HESTA has more than 950,000 members (over 80% are women) and manages over $68 billion in assets invested around the world.

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The agreement with HESTA follows the progress the group has made in advancing its portfolio of green hydrogen projects since ReNu Energy’s acquisition of Countrywide in February this year. HESTA is highly respected for its commitment to sustainability and responsible investments and complements the Group’s vision of energy self-sufficiency.

ReNu Energy CEO Greg Watson said, “We are excited to have HESTA on board as an institutional investor in our green hydrogen projects. HESTA is recognised as a leader in responsible investment, and our task now is to advance to definitive agreements as soon as possible and progress commercial discussions with our project partners for green hydrogen offtake.”

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Countrywide managing director and ReNu Energy executive director Geoffrey Drucker said, “The momentum for the transition to clean energy and the decarbonisation of economies and industry is growing. Countrywide Hydrogen saw HESTA as an institutional investor whose ambition is to lead investment in tangible emissions reduction.

“HESTA’s support will enable the group to progress its hydrogen projects from concept to production and meet its objective to be the first-mover in domestic green hydrogen production to the identified markets of road transport, decarbonising natural gas networks, and up to 100% green hydrogen use in industrial applications.”

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