The funds will be used to progress green hydrogen projects in Australia and Indonesia.

By Shardul Sharma

Sydney-listed ReNu Energy on November 23 said it had received firm commitments for a capital raising of A$4.5mn ($3mn) through the issue of 75mn new shares.

The funds will be applied to progress ReNu Energy’s green hydrogen projects, including the project at Brighton in Southern Tasmania and those at Launceston Airport in Tasmania and in the Riau Archipelago in Indonesia.

“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 A$100mn investment in our green hydrogen projects,” ReNu Energy CEO Greg Watson said.

“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 added.