Green energy developer Verdant Earth Technologies is seeking a listing on the Nasdaq Capital Market that could see it raise up to US$53.5m ($71.5m).

While the exact amount it will raise through its initial public offering has yet to be decided, the company noted that proceeds will be used to fund the recommissioning of the Redbank power station as a net-zero facility.

This is expected to cost about $37.5m for capital expenditures, such as plant refurbishment, materials handling equipment, grid registration and connection, spare parts and water rights.

Redbank, which has been renamed the Verdant Hunter Valley Power Station, will use waste wood residues sourced from sustainable forestry waste and/or sustainable timber waste to generate 146 megawatts of electricity.

The former coal power station will provide a green alternative to fossil fuel baseload options.

Proceeds from a future raise be used for operating expenditures and the development of green hydrogen assets.

Roth Capital Partners is acting as sole manager of the offering, which will see it trade under the ticker VDNT.


Green hydrogen

Following completion of the power station, the company is planning to add an integrated hydrogen production facility to the site.

It will produce 2,000t of green hydrogen per annum during the first phase with plans to ramp this up to 20,000t per year under a second phase, pending market conditions.

This article was developed in collaboration with Verdant Earth Technologies, 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.