- ReNu Energy (RNE) raises $2.3 million to advance its Green Hydrogen Pipeline
- The placement will see the issue of 26.4 million new shares at an issue price of 9 cents per share
- Demand for the placement exceeded more than two times the amount raised, and the company welcomes several new funds, family offices and new shareholders to the register
- Proceeds will be applied to progress the company’s portfolio of renewable and clean energy investments
ReNu Energy (ASX:RNE) has raised $2.3m through a placement of 26.4m shares to progress its portfolio of renewable and clean energy investments, ahead of completing the acquisition of Countrywide Renewable Hydrogen Ltd.
The company said demand from sophisticated and professional investors exceeded more than two times the amount raised at an issue price of 9c per share.
Managing director and CEO Greg Watson said: “Our focus now is on completing the acquisition of 100% of Countrywide Renewable Hydrogen Limited, advancing the pipeline of green hydrogen opportunities and progressing the company’s other investments.”
RNE shareholders will have the opportunity to invest on the same terms as the private placement offer announced on December 6 in a new share purchase plan for up to $30,000 worth of new shares.
The goal is to raise $1.5m at 9c per share with shareholders set to receive one attaching option for every four shares subscribed for, with a strike price of $0.07 per share and an expiry date of December 31, 2023.
Proceeds will be spent towards advancing the pipeline of green hydrogen opportunities, progressing other renewable and clean energy investments, meeting the costs of the offer, and providing funds for general corporate costs and working capital.
About ReNu Energy
ReNu Energy Limited (ASX: RNE) is headquartered in Brisbane, Queensland. ReNu Energy has an experienced Board and Management team focussed on becoming one of the only ASX listed companies with a clean energy incubator/accelerator strategy, to take strategic stakes and nurturing renewable energy projects, moving to either a controlling interest, supporting through to an IPO process or exiting via trade sale.
In November 2021, ReNu Energy announced the acquisition of 100% of Countrywide Renewable Hydrogen, an Australian company that originates green hydrogen projects to develop them in collaboration with project partners and governments. In September 2021, ReNu Energy announced an investment in Enosi Australia Pty Ltd, an Australian company that has developed Powertracer: a first-of-its-kind grid scale renewable energy trading and tracing solution. In July 2021, ReNu Energy made a cornerstone investment in Uniflow Power Limited, an unlisted public company commercialising a patented micro renewable energy generator powered by biomass – known as the Cobber. The Company completed a well-supported $1.46m capital raising in June 2021.
The Company has previously developed 2.2 MW of solar projects which were sold in September 2019 and two bioenergy Projects totalling 2.7 MW which were sold in August 2020.
ReNu Energy listed as Geodynamics Limited on the Australian Securities Exchange (ASX) in September 2002. In 2016, the Company rebranded to ReNu Energy. The brand reflects our commitment to being a diversified clean energy company, generating change by providing innovative renewable energy solutions.