Aug 10, 2020

Genex Power raises cash to fast-track CQ battery project

Genex Power raises cash to fast-track CQ battery project

Genex Power is on a fundraising drive to help fast-track the planned Como battery project in Rockhampton and cover financial close costs for the Kidston hydro project.

The company has raised just over $21 million through a successful share placement and announced a share purchase plan today to raise a further $7 million.

It comes after Genex Power last week revealed plans for a 50MW/75MWh Como battery storage project in Rockhampton, with construction planned to begin next year.

Genex Power is also continuing to advance its Kidston pumped hydro project south-west of Cairns, with financial close targeted for September 2020.

It announced last week that is had signed a new $25 million agreement with J-Power to help finance the Kidston hydro project.

“We are particularly excited about the development potential of the Como Battery project in Queensland, with the funds raised from the placement and share purchase plan to be used to fast track the delivery of this strategy to potentially see it contribute to our revenues during the next calendar year,” Genex chief executive officer James Harding said.

“This capital raising is being undertaken alongside the previously announced financing strategy for the K2-Hydro project – with the equity requirement for this project to be funded via the proceeds of the SSA (share subscription agreement) with J-POWER and existing cash reserves together with a direct project equity investment through a project equity partner.”