ASX Green Energy Stocks: Renu Energy nabs 5% stake in Allegro Energy with $450,000 investment
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ReNu Energy (ASX:RNE) has made a $450,000 investment in battery technology and energy storage company Allegro Energy, snapping up a 5% stake after entering into a subscription agreement this morning.
Allegro Energy are the developers of a water-based electrolyte used in the development of high performance, non-flammable supercapacitors and redflox flow batteries.
The technology is patented in Australia, New Zealand, China, and Europe while applications have been made in the US and Japan, RNE said.
RNE says the technology itself fits into several applications that current storage technologies are not well suited to (for example in safety-critical non-flammable applications).
It also has applicability in electric mobility, grid stabilisation, frequency control ancillary services (FCAS) and uninterrupted power supply (UPS), RNE said.
RNE chief executive officer Greg Watson said this funding round will be pivotal as the world continues to reduce emissions and strive toward net zero.
“The electrolyte solution the founders have invented has wide applicability to global markets and is patent protected, scalable, low cost, green and already generating strong interest from large corporate groups,” he said.
ReNu’s investment is part of a wider funding round undertaken by Allegro to raise around $1 million.
As part of the transaction, ReNu Energy has the right to maintain its fully diluted interest in the company at subsequent capital raises.
Funds raised will be used over the course of the next 12 months to develop and scale the supercapacitor and redox flow battery technology to industry quality.
Allegro has received interest from large potential partners and customers interested to support the early development of a redox flow battery pilot plant using its technology.
Following completion of the investment, ReNu Energy will continue to explore synergies between Allegro and commercialisation opportunities provided by its other investments.
For example, the ability to use Allegro’s redox flow battery technology to provide electricity storage for Countrywide Renewable Hydrogen’s green hydrogen projects when wind and solar generation may not be available, is one area RNE says is of potential collaboration.
Australian East Coast clean energy company Pure Hydrogen (ASX:PH2), in conjunction with H2X Global has launched a range of hydrogen fuel cell power generation units called Power H2 that can supply electricity without any emissions.
These units use hydrogen as a fuel to generate electricity and be implemented either as a back-up power source or continuous electricity supply.
PH2 says the units will be available for sale in 2022 or in less than four weeks.
Shares in the company were up 9.64% to 45.5 cents at the time of writing.
KaLiNA Power (ASX:KPO) has updated the market on progress at its flagship 64MW primary site at Saddle Hills in Alberta, Canada where it plans to accommodate two 32MW combined cycle power plants.
Each will be configured with a 22MW natural gas turbine and a KALiNA Cycle® module that will generate 10MW of zero-emissions power from the gas turbine’s waste heat.
The company says most of the project development milestone have been completed, the balance of deliverables well advanced, and now expects to be in a position over the next month to provide guidance on timing to formally achieve full notice to proceed.
Genex Power (ASX:GNX) has revealed that the Australian Energy Market Operator (AEMO) has completed its assessment of the generator performance standards for the 50MW/100MWh Bouldercombe Battery Project (BBP).
AEMO, via the transmission network service provider Powerlink Queensland (Powerlink), has determined that the Project can operate in accordance with the required electricity standards of the National Electricity Market.
The project will provide a number of network benefits to the Queensland grid, notably, via the provision of Frequency Control Ancillary Services.
This GPS approval is one of the most complex and significant milestones for the project, the company said.
AEMO, Powerlink and Genex have been working closely together over the past 12 months to complete the detailed submission process, and the GPS approval clears the final technical milestone before financial close.
Optimal Group, an Australian company delivering low emissions solutions to a range of industries and a distributor of Capstone Microturbines, has appointed Luca Febbraio as chief development officer of Optimal Renewable Gas (ORG).
The appointment follows the recent signing of an agreement with BOC-Elgas for the development of the Westbury BioLNG Project in Tasmania.
Optimal Renewable Gas has a pipeline of additional projects in Victoria, NSW, and Queensland and is seeking to develop to add to its biogas portfolio.
Optimal CEO Craig Dugan said Febbraio’s hiring will add an important skill-set to a rapidly growing business.
“Luca will take responsibility for strategic partnerships, business development and the commercialisation of our hydrogen suite of solutions and products including ITM Power Electrolysers, Capstone Hydrogen MicroTurbines and Fuel Cells,” Dugan said.
“As the hydrogen market in Australia rapidly develops it is vital that Optimal provides our customers with the strongest possible commercial and technical support to get their projects underway.”
“Luca’s experience in large scale renewable energy projects and green hydrogen technologies will ensure he is well placed to meet our customers’ needs in this exciting new business area.”