Green energy company Port Anthony Renewables (PAR) completed an oversubscribed capital raising as it positions itself to develop a hydrogen hub in south-eastern Australia.
Its focus is green hydrogen production and export.
The pre-IPO capital raising further demonstrates investor confidence in PAR’s strategy while solidifying the company’s balance sheet ahead of its ASX listing next year.
PAR launched the raise on 7th December while targeting $2.5 million but was oversubscribed by $2 million that afternoon and $3.5 million by 9th December.
PAR’s leadership team includes Brad Lingo, Benjamin Anthony and Brian Kitney.
PAR will use $3m as it moves to its IPO while progressing its hydrogen production and export plans and attracting participants including Peter Coleman-chaired Infinite Blue Energy.
Port Anthony Renewables (PAR) in strong position
Benjamin Anthony, the Managing Director said, “We are very pleased with the outcome, though not a bit surprised given the significant attributes of our unique position.”
“These funds will facilitate offering support to PAR’s planned ASX-listing slated for the second quarter of 2022, while pushing ahead the development of our hydrogen precinct.”
“It means an acceleration of our trajectory towards the manufacture of domestic hydrogen and staying ahead of the curve in terms of access to global export markets.”
“We are extremely favourably positioned for market growth given that PAR is the most strategically located Port on the east coast of Australia for renewable energy supply.”
PAR is developing a large commercial scale Green hydrogen manufacturing and export Hub, to produce its own hydrogen for domestic use and large scale export, as well as generating revenue through the welcoming of other hub participants and joint ventures partners.
As a location for the domestic sale of hydrogen, the port is 196km east of Melbourne and 78km from the Gippsland Basin pipeline network supplying 50% of Australia’s natural gas.
The facility allows export of hydrogen directly to global markets via its infrastructure.
The Australian government’s National Hydrogen Strategy aims to use the increasing global momentum for clean hydrogen with the sector estimated to be worth $56bn by 2050.