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Verdant Technologies Set To List On A Major Global Exchange

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Verdant Technologies Set To List On A Major Global Exchange

February 23
05:44 2021
Verdant Technologies Set To List On A Major Global Exchange

Renewable energy developer, Verdant Technologies,moves to position itself as the largest hydrogen producer on the East Coast of Australia by capitalizing on a multi-trillion-dollar opportunity

Verdant Technologies is reportedly planning to list on a major global exchange in the first half of 2021, even as the companyrecently kicked off a pre-IPO private placement of 12.5 million shares at 16c apiece to professional and sophisticated investors to add $2m to the coffers.

The funds raised will be used in accelerating critical path capital items, complete a pre-feasibility study (PFS) into the development of Australia’s first scalable hydrogen production plant, and fund network reconnection.

Verdant Technologies recently acquired Monarch Hydrogen, a company that is well advanced in the planning of the hydrogen production plant that aims to deliver 6.5 tonnes a day of compressed hydrogen by 2022.The company has also announced plans to expand the facility to 60 tonnes per day by 2028.

The use of hydrogen is becoming increasingly popular in the clean green energy space, especially with the likes of Fortescue’s Andrew “Twiggy” Forrest and oil majors like BP and Woodside supporting it. Recent reports put the global market for hydrogen amounts to about 71 million tonnes per annum, equivalent to $US177.3bn.

Globally, places like Europe, Japan and South Korea have prioritised hydrogen as they continue to shift to renewable energy sources, with Australia also looking to become a major player in the global market by 2030.

Verdant Technologies aims to be at the forefront of this multi-trillion-dollar opportunity and is considering the possibility of locating the Monarch green hydrogen plant at its $550m biomass 151MW Redbank power station in the Hunter Valley, NSW. The move will make it the first hydrogen production plant to be located behind the meter on an existing green baseload power plant.The project will have a construction budget of around $43m with projected revenue of $20m, and EBITDA of $4-5m, based on the initial 6.5 tonnes/day output.

Redbankcurrently remains Australia’s only generator with circulating fluidised bed technology (CFBT) recognised for its emissions control capability and proven ability to operate on 100 per cent biomass.Verdant Technologies aims to repurposeRedbank to operate solely on waste biomass, with a planned restart to operations scheduled for the final quarter of 2021.

Upon restart, Redbank will rank as one of the largest green baseload renewable energy providers in NSW and the only facility that can provide continuous green 24/7 power with net zero CO2 emissions, adding to grid stability.

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