Port Anthony Renewables’ heavily oversubscribed capital raise has put a fresh $3m directly into its commercial-scale hydrogen precinct ahead of the planned ASX listing next year.
The investor enthusiasm not only highlights excitement around the strategy at Port Anthony, but the growing, global interest in hydrogen – especially green hydrogen – as the clean fuel of the future.
The company had originally sought to raise $2.5m but subscriptions totalled some $6m just 48 hours after launching the cap raise.
Port Anthony Renewables is currently developing a commercial-scale green hydrogen manufacturing and export hub at Port Anthony less than 200km east of Melbourne and only 78km from the Gippsland Basin natural gas pipeline network delivering both domestic use and large-scale exports.
Deals sealed
The company has reached several agreements with the right names including the Peter Coleman-chaired Infinite Blue Energy and forming a joint venture with Singapore’s CAC-H2 to build and commission a waste woody biomass gasification system.
It has also reached a $30m deal to use NYSE-listed Babcock & Wilcox’s BrightLoop hydrogen technology to produce hydrogen at an initial rate of 3 tonnes per day.
“We are very pleased with the outcome, though not a bit surprised given the significant attributes of our unique position,” managing director Benjamin Anthony said.
“These funds will support PAR’s planned ASX-listing slated for the second quarter of 2022, while pushing ahead the development of our hydrogen precinct.
“It also 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.”
Port Anthony: the goldilocks factor
The Port Anthony location is central to the company’s ambitions, ideally situated for easy access to the existing gas network while enabling unlimited hydrogen exports via the port’s global infrastructure.
It also meshes well with the Victorian government’s Victorian Renewable Hydrogen Industry Development Plan which seeks to create long-term jobs, export renewable energy, drive innovation and reduce its greenhouse gas emissions across the industrial, energy and transport sectors.
Barclays Bank is now forecasting 700 million metric tonnes of hydrogen could be used by 2050, a six-fold increase on current levels.
This article was developed in collaboration with Port Anthony Renewables, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.