Green energy company Port Anthony Renewables (PAR) has completed a heavily oversubscribed capital raising as it positions itself to develop the largest hydrogen hub in south-eastern Australia. Its focus is green hydrogen production and export.
The pre-IPO raising demonstrates investor confidence in PAR’s strategy while solidifying the company’s balance sheet ahead of its ASX listing next year.
PAR launched the raise last Tuesday (7 December) targeting $2.5 million but was oversubscribed by $2 million that afternoon and $3.5 million by Thursday (9 December). PAR’s leadership team includes Brad Lingo, Benjamin Anthony, and Brian Kitney.
PAR will use $3 million of that as it moves towards its IPO while progressing its hydrogen production and export plans, as well as attracting industry-leading participants including Peter Coleman-chaired Infinite Blue Energy.
“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.
“We are very well positioned for growth given PAR is the most strategically located Port on the east coast of Australia for renewable energy supply.”
PAR is developing a large commercial scale Green hydrogen manufacturing and export Hub, to produce its own hydrogen for domestic use and large scale export, as well as generate revenue through the welcoming of other hub participants and joint ventures partners.
Offering an optimal location for the domestic sale of hydrogen, the port is 196km east of Melbourne and 78km from the Gippsland Basin pipeline network, which supplies 50% of Australia’s natural gas. Additionally, the facility allows the export of hydrogen directly to worldwide markets via its own infrastructure.
The Australian government’s National Hydrogen Strategy aims to take advantage of increasing global momentum for clean hydrogen, with the sector estimated to be worth $56 billion by 2050.