ReNu Energy completes $4.5m capital raise

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ReNu Energy Limited has received firm commitments for a capital raising of $4.5 million through the issue of 75 million new ReNu Energy shares at an issue price of $0.06 per share.

In conducting the capital raising, the company and its lead manager looked to identify investors based on their alignment with ReNu Energy’s vision to strategically drive the transition to a low carbon future by investing in renewable and clean energy technologies and identifying and developing green hydrogen projects.

Related article: HESTA invests $100m in ReNu green hydrogen

ReNu Energy CEO Greg Watson said, “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 who recently signed a term sheet for up to $100 million investment in our 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.”

Related article: Countrywide, Launceston Airport explore hydrogen project 

ReNu Energy chairman Boyd White said, “Last week I was delighted to attend the signing ceremony in Bali for the MoU with Anantara Energy to explore the development of green hydrogen supply in Southeast Asia. This capital raise will help bring the next stage of our project in Riau Archipelago in Indonesia to fruition. Indonesia’s energy transition plans were discussed at the November G-20 summit in Bali.

“Our plans for green hydrogen supply in Southeast Asia is in line with Indonesia’s drive towards a future net-zero economy, and this successful capital raise will go a long way to support these plans.”

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