Hydrogen start-up seeks funds for converting coal generator to biomass.
New hydrogen developer Verdant Technologies is making a pitch to become one of Australia’s largest hydrogen producers after launching a $2 million pre-IPO capital raising to fund its plans to revive the closed Redbank coal fired Power Station, convert it to biomass and produce hydrogen.
Verdant Technologies will issue 12.5 million shares at 16 cents each to raise $2 million in early capital, ahead of a planned IPO. The company plans to list on a major exchange in the first half of 2021.
The funds will be used to fast-track the completion of a number of key preparatory activities, including the completion of a pre-feasibility study into its hydrogen production plans, the reconnection of the Redbank Power station to the grid and the costs of a fully-fledged IPO.
Verdant’s flagship investment is its Monarch Hydrogen Asset, which is planning to revive the 151MW Redbank Power station, located in the Hunter Valley, to produce electricity using biomass.
The company then intends to locate hydrogen production facilities at the power station, allowing them to be powered “behind the meter”, with Verdant Technologies setting itself an ambition of becoming the largest green hydrogen producer on Australia’s east coast.
Converting coal generator to biomass.
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