ASX Renewable Energy Stocks: Energy One snaps up Adelaide-based CQ Energy for $36m

Energy One acquires CQ Energy, making it the largest provider of 24/7 operational energy services in the country
Magnis reaches 67% completion milestone at its New York lithium-ion battery plant
Pilot and Triangle Energy to restructure proposed Cliff Head Carbon Capture and Storage JV Project (CH CCS Project).

ASX listed software and services business Energy One (ASX:EOL) wrapped up the acquisition of Adelaide-based CQ Energy, recognised as one of the leading energy advisory firms in Australia, for $36m.

The deal, which will be paid in both cash and equity over a 12-month period, makes EOL the largest provider of 24/7 operational energy services in the country after acquiring Belgium-based Egssis in December 2021 and French-based eZ-nergy in June 2020.

The company announced the move back in January, stating that CQ enhances its “capability and provides the opportunity to establish a global energy services operation with control rooms in both the northern and southern hemispheres.”

In the year ending 30 June 2023, being the first full year following integration, EOL expects CQ Energy Group to produce revenue of AUD $7m and EBITDA of $4m.

Energy One (ASX:EOL) share price today

Magnis updates on New York lithium-ion battery plant

Magnis Energy Technologies (ASX:MNS) subsidiary Imperium3 New York (iM3NY) said work activities at its gigawatt scale lithium-ion battery manufacturing plant in Endicott, New York continue to make strong progress as it reaches the 67% completion mark.

The company says the plant will reach fully automated production by late June – when the completion rate will be in the vicinity of 80% once fully automated production begins.

MNS says the remaining 20% includes some cosmetic changes to the factory, minor works to an internal office area and the ramp up of production.

Magnis Energy Technologies (ASX:MNS) share price today

Pilot Energy and Triangle re-align interests in WA-31-L Cliff Head JV

Pilot Energy (ASX:PGY) and Triangle Energy (ASX:TEG) have reached agreement on the key principles to restructure the existing joint venture ownership arrangements for the Cliff Head Joint Venture (CHJV) and the proposed Cliff Head Carbon Capture and Storage Project (CH CCS Project).

Pilot has been undertaking feasibility studies into the potential for carbon capture and storage and blue hydrogen production focussed on the Cliff Head oil field, which have confirmed a significant CCS resource in WA-31-L.

The binding Cliff Head re-alignment Term Sheet paves the way for Pilot and Triangle to have the Cliff Head Oil Field reservoir declared a Greenhouse Gas Storage formation and to pursue the CH CCS Project once economic oil production has finished.

PGY’s executive chair Brad Lingo said re-alignment of the CHJV interest between Pilot and Triangle is a significant step in the development pathway for the first offshore CCS project in the Mid West WA.

“Declaration of the CCS resource is an important near-term milestone for the progression of the CH CCS project and will provide sufficient confidence to unlock further investment in the development project,” he said.

Triangle (ASX:TEG) and Pilot Energy (ASX:PGY) share price today

Zeotech secures project partnership for university trailblazer

Emerging mineral processing tech company, Zeotech (ASX:ZEO) has been named an industry partner in Curtin University’s Resources Technology and Critical Minerals Processing Trailblazer program.

The program will be used to accelerate commercialisation of ZEO’s proprietary clean-tech innovation for lithium process by-product, in conjunction with project partners, The University of Queensland (UQ) and Covalent Lithium Pty Limited.

ZEO says the objective of its success proposal is to progress the company’s clean-tech innovation for lithium process by-product from current pilot plant phase through to commissioning and factory acceptance of a large-scale commercial demonstration plant, with technology readiness level (TRL) milestones set at each stage of development.

The project’s indicative budget is $10.4 million, comprising a contribution from UQ as part of the University Trailblazer program, together with cash, infrastructure, and in-kind contributions from project partners.