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Funds are slated to go towards the development of its commercial demonstration plant located south of Perth.
Hazer Group (ASX:HZR), a cleantech company that converts feedstock and natural gas into low-emission hydrogen and graphite, announced that it has completed a AU$2.5 million private placement.
Proceeds of the placement are to be directed towards the development of a commercial production facility, following a partnership with Innovative Manufacturing Co-operative Research Centre.
As quoted in the press release:
The Placement represents the amount allowable within Hazer’s placement capacity under ASX Listing Rule 7.1A and will not require shareholder approval.
Tim Goldsmith, Chairman of Hazer Group, commented: “We are delighted to have secured the support of new institutional and sophisticated investors, as well as the ongoing support of existing shareholders. We have an exciting program of activities ahead for the company in 2020, focusing on progressing the Hazer Commercial Demonstration Project, as well as new opportunities from our R&D program and Business Development activities. We are delighted to welcome the new shareholders onto the register, ahead of what is likely to be a very significant year for the hydrogen industry with the planned release of Australia’s National Hydrogen Strategy later this month.”