Australian electricity generation company, Genex Power (ASX:GNX) has received strong commitments from existing, new, domestic, and international investors to raise $40m towards the construction of the 50MW/100MWH Bouldercombe Battery Project in North Queensland.

After the completion of the capital raising, Genex said it is positioned to proceed with financial close and officially start construction works.

A share purchase plan to raise an additional $10m will be carried out, allowing shareholders to participate in the capital raising on similar terms to those institutional investors under the placement.

GNX highlighted that the placement proceeds, alongside the $35m debt facility with Infradebt, will not only be applied towards construction costs but the repayment of an existing facility with the Clean Energy Finance Corporation (CEFC) and working capital.

The Bouldercombe Battery Project will be one of the first standalone, large-scale battery energy storage systems (BSS) in Queensland where Tesla has been selected as the battery integrator and supplier utilising the Tesla Megapack 2.0.

ASX green energy stocks
Mike Cannon-Brookes. Pic: Karen Dias/Bloomberg via Getty Images


$200m investment from billionaire Cannon-Brookes

According to reports, Grok Ventures – backed by Aussie tech billionaire Mike Cannon-Brookes – has a minority stake in Infradebt after throwing “a meaningful investment” of around $200 million into the fund manager for fast tracking clean energy and battery storage projects.

The Australian Financial Review reports Cannon-Brookes also owns over 3pc in Genex Power through the CBC Co investment company.

GNX has a portfolio of more than $1 billion of renewable energy generation and storage projects across Australia, which includes its flagship Kidston Clean Energy Hub, set to integrate large-scale solar generation with pumped storage hydro and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects.

It also owns the 50MW Jemalong Solar Project (JSP) in NSW.


Tasmania and Rio Tinto sign MOU for renewable energy development

Earlier this week the Tasmanian Government and Rio Tinto (ASX:RIO) signed a memorandum of understanding (MoU) to jointly investigate if the Bell Bay Aluminium smelter in the Tamar Valley has the capability to support the development of renewable energy supply.

Rio Tinto has also committed to look at how it could further decarbonise Bell Bay Aluminium and investigate options for future investment to secure the competitiveness of the smelter.

The MOU was signed at Bell Bay by Tasmanian Premier Peter Gutwein and Rio Tinto chief executive Jakob Stausholm and seeks to support the Tasmanian Government’s target of doubling renewable electricity generation by 2040.

Stausholm said aluminium “is essential for the global transition to a low-carbon economy, and we are excited about the contribution our Bell Bay smelter can make both towards this transition and to the region’s future”.

“We want to help ensure a strong and vibrant future for Bell Bay, where we have been part of the community for well over half a century and where we are actively working with the Tasmanian Government on a shared vision for the future.”


Montem’s transition to a renewable energy complex

Montem Resources (ASX:MR1) says it is planning for the transition of its Tent Mountain Mine to a renewable energy complex in Alberta, Canada following separate independent expert studies in 2019 and 2021.

These studies demonstrated the project’s strong viability to host a renewable energy complex comprising 320 MW of pumped hydro energy storage, 100 MW green hydrogen electrolyser, and a 100 MW wind farm (offsite).

Hatch, a world leader in PHES project design and development, has been selected to undertake the detailed design and engineering work ahead of an expected cost estimate and project economics results towards the end of Q2, 2022.

With these in hand, Montem says it will have all it needs to make a decision on accelerating the development of the Tent Mountain Renewable Energy Complex, rather than restarting the coking coal mine on site.

An analysis for a class IV cost estimate to provide project economics for the green hydrogen electrolyser element is progressing and is being undertaken by GHD, with results also expected in Q2 this year.

The production, storage, and transportation of hydrogen as well as the needs of the growing market and end-users for green hydrogen is also being investigated.


Completion of Yallourn property acquisition

Environmental Clean Technologies (ASX:ECT) has completed the acquisition a property adjacent to the Yallourn Power station and mine complex in Victoria’s Latrobe Valley, where the company plans to host its proposed hydrogen refinery project.

Covering an area of 4.2 hectares, the property will enable the progress of a full feasibility study with the confidence that work may start on this site at ECT’s discretion, as and when feasibility results drive activities.


Evolution joins European Battery Alliance

Sustainable graphite play, Evolution Energy Minerals (ASX:EV1), has been accepted into the European Battery Alliance – launched in 2017 to bring together key groups in the battery material sectors.

Acceptance into the European Battery Alliance provides an opportunity for Evolution to engage with key European stakeholders in the battery anode material market, the company says, strengthens its battery anode material strategy in Europe.

European regulations have resulted in vehicle manufacturers demanding the highest standards of sustainability and traceability from their supply chains.