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.


FFI switches hydrogen focus to Canada

Another memorandum of understanding (MOU) has been signed by Andrew Forrest backed Fortescue Future Industries (FFI), this time to lead the green hydrogen charge across Canada.

The company said the MoU’s have been signed with three Indigenous Nations in Canada and will help determine the viability of building green hydrogen projects using hydro and wind power.

FFI Chief Executive Officer, Julie Shuttleworth AM, signed the MoUs after meeting with Indigenous leaders, federal and provincial governments and industry executives during a recent 10-day visit to Canada.

Shuttleworth said the company hopes this will establish a mutually beneficial relationship between FFI and Indigenous Nations in Canada as well as helping the country reach its net-zero target by 2050.

Negotiations are underway between FFI and other Indigenous leaders across Canada.


Lion Energy enters into deal with Foton Mobility

Lion Energy (ASX:LIO) has entered into a new deal with Foton Mobility, part of the True Green Mobility Group to jointly market integrated hydrogen mobility solutions to Foton Mobility.

Foton Mobility plans to introduce a range of hydrogen bus products in the coming years, beginning with a 12.5-metre low floor city bus, powered by Toyota Fuel cells.

LIO executive chairman said the company is pleased to partner with Foton Mobility in the knowledge that Foton Mobility are a leader provider of buses to world markets.

“This combination means that Futon Mobility can adapt the buses the local environment – they are another key relationship for us in the hydrogen value chain.”

Other GE news

ADX Energy is in trading halt until the beginning of trade on Wednesday, December 8 regarding a capital raising.

And QEM Ltd has an investor webinar scheduled for Tuesday, December 7.

The vanadium focused explorer is studying the potential for green hydrogen opportunities at its Julia Creek Vanadium and oil shale project in Queensland and says the Q&A session will be hosted by managing director Gavin Loyden at 3.00PM AEDT.