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Frontier Energy Limited (ASX: FHE; OTCQB: FRHYF) (Frontier or the Company) advises that Waroona Energy Inc. (TSXV: WHE) (Waroona) has commenced a Definitive Feasibility Study (DFS) for a 120MWdc solar power generation facility.
Frontier has recently announced the signing of a Letter of Intent with Waroona to acquire all the Waroona shares (the Transaction) not currently held by Frontier (Frontier already holds ~20% of Waroona) via a Canadian Plan of Arrangement (Share Plan), equivalent to an Australian Scheme of Arrangement. Frontier and Waroona have in place a collaboration agreement regarding their respective strategies for renewable energy production in Western Australia.
HIGHLIGHTS
- Waroona has engaged electricity and solar energy specialist Incite Energy to complete a DFS for a 120MWdc Solar Facility (“Stage One”)
- While Frontier has already completed a DFS for a 114MW solar farm, Waroona’s ground is located closer to the nearby electricity terminal and Waroona had not previously completed a DFS
- The Waroona DFS will finalise the detailed design including site layout, equipment specification and capital cost estimate (accurate to ±15%) for Stage One development
- Leveraging the significant work already completed, the DFS will be completed in early 2024
- The Project has all major permits, approvals and an executed Electricity Transfer Access Contract and Interconnection Works Contract to WA’s electricity network (SWIS) in place
- Waroona’s Study of a green hydrogen-fuelled (dual fuel) peaking power plant is also progressing and remains on track for delivery during 4Q23
- Electricity prices continue to trend higher, averaging A$90/MWh during the September quarter, a 25% YoY increase
- Prices during the afternoon peak interval averaged over A$150/MWh, while midday low prices averaged around $50/MWh
Frontier Managing Director, Sam Lee Mohan, commented: “The development of a solar facility is a key pillar of the Company’s long-term strategy to build a renewable energy hub. This strategy includes solar production, green hydrogen production from solar energy, as well as green hydrogen consumption in a hydrogen-fuelled peaking power plant.
Given our existing collaboration agreement with Waroona, and the recently announced transaction that will combine the two companies, it makes logical sense to prepare for construction of the Stage One solar facility on a site that is located nearest the electricity terminal. As significant work has been completed on solar power generation already (including in Frontier’s DFS), Waroona’s solar DFS can be fast tracked and completed by early 2024.
The Company remains on track to meet its target to commence solar development during 1H2024.”
Waroona DFS for 120MWdc solar farm underway
Waroona has appointed electricity and solar energy specialist Incite Energy Pty Ltd (Incite) to complete a DFS for a 120MWdc Solar Facility (“Stage One”) at the Waroona Renewable Energy Project. The Company has an approved Declared Sent Out Capacity (DSOC) of 241MWdc from Western Power, of which Stage One will be targeting to deploy 120MWdc.
While Frontier had previously completed a DFS for a 114MWdc solar farm at the Bristol Springs Project (located on the purple shaded area in Figure 1 below), the Waroona Project is located closest to the electricity terminal (only 300m away – as shown in Figure 1 - teal shaded area) and is the most cost-effective location for Stage One of a combined development. Waroona had not previously completed a DFS.
Figure 1: Frontier and Waroona’s projects and nearby infrastructure in South-West WA
Incite was selected through a competitive tender process due to its expertise in the industry and its exceptional track record, including several operational utility-scale projects across Australia (ranging from 50MW - 300MW) and multiple utility-scale solar farms and load connections currently in early-stage development in Western Australia.
The Scope of work for the DFS includes:
1. Layout – considering clearing limitations, flood studies, road servitudes, drainage channel, and allocating areas for future Peaker Plant and hydrogen plant
2. Design
3. Equipment specification and supplier quotations
4. Update and refinement of geotechnical information
5. Construction and commissioning scope and costing
6. Interfacing with Western Power
Figure 2: Artist impression of the Solar facility and peaking plant on Waroona’s landholding
A DFS was preferred to appointing an EPC contractor to carry out an early works program as had been contemplated previously1. This decision was made as it more cost effective, both in the short and long term.
This approach allows the Company to consider a more flexible approach through the construction phase, as it allows for the Company to manage procurement of key equipment, including critical path long lead items, in-house. This would likely reduce the overall capital requirement whilst having no material impact on timing to Final investment Decision (FID). The Stage One DFS will be delivered in early 2024.
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This article includes content from Frontier Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
FHE:AU
Streamplay Studio Enters into Agreement to Acquire North American Indie Gaming Leader, Noodlecake Studios
HIGHLIGHTS
- Streamplay expands global reach and direct-to-consumer gaming presence across North America with acquisition of Noodlecake.
- Established in 2011, Noodlecake boasts a proven track record with a variety of over 60 in-house and published games achieving over 270 million downloads.
- Noodlecake has over its history generated over ~A$42 million through primary monetisation channels, with additional revenue from other sources.
- Noodlecake averaged annual revenue of ~A$7.3 million and EBITDA of ~A$1.8 million over the 3 years ending 31 December 2023.
- Noodlecake’s lean, high-impact operating model, maximises publishing reach with a focused team and global collaborations.
- Established partnerships with leading Tier 1 brands such as Apple, Google, Xbox, PlayStation, Nintendo, Steam and more.
- Provides Streamplay with immediate product and geographic revenue diversification via Noodlecake’s flexible publishing and monetisation strategies (premium sales, in-app purchases, advertising, and subscription-based models).
- Strengthens global expansion opportunities, including continued collaborations with Zplay in the Chinese gaming market.
About Noodlecake
Founded in Canada in 2011, Noodlecake is an established, reputable and profitable indie game studio and publisher. With a diverse portfolio of over 60 games listed across more than 10 storefronts and available in over 45 countries, Noodlecake has engaged players worldwide with award-winning content, achieving over 270 million downloads to date.
Since incorporation, the studio has generated significant revenue through its multifaceted monetisation strategy, including over A$15 million in in-app purchases, over A$9 million in direct game sales, and over A$18 million in advertising revenue, alongside other significant sources.
These revenues are strategically driven by the studio’s presence on major digital storefronts such as the Apple App Store, Google Play, Steam, and Nintendo Switch. Noodlecake’s adaptability to emerging opportunities is evident in its recent expansions into Xbox and PlayStation, with future releases targeting premium storefronts and subscription platforms.
Noodlecake boasts an impressive track record of publishing award-winning titles that have captivated both players and critics alike. Among its successes, “Yes, Your Grace” recently won Best Indie Game on Google Play for 2024,1 showcasing their ability to support compelling and engaging indie experiences. “Golf Blitz”, an innovative multiplayer spin on the classic golf genre which was developed inhouse, earned critical acclaim and was featured as an Editor’s Choice by Apple in 2019.2 Additionally, “Alto’s Odyssey”, another title published by Noodlecake, received an Apple Design Award in 20183 for its exceptional artistry and gameplay.
Their games employ a range of revenue models tailored to each platform. Premium titles generate revenue through direct purchases, while free-to-play games monetise via in-app purchases and targeted ads.
Additionally, Noodlecake has a history of securing exclusive, curated partnerships with Apple Arcade, Google Play Pass, and Xbox Game Pass which provide consistent revenue through subscription-based engagement.
The studio’s upcoming game, “Winter Burrow”,4 set for release on Xbox Game Pass, Xbox storefront, Switch and Steam, early in 2025, is just one example of how Noodlecake leverages these partnerships to generate stable, upfront revenues.
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This article includes content from Streamplay Studio, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Next-generation Hadrian X® Completes US Site Acceptance Testing
Highlights
- FBR receives confirmation from CRH Ventures that first next-generation Hadrian X® successfully completes Site Acceptance Testing at Fort Myers facility in Florida
- Confirmation received from an independent structural engineer that the structure is consistent with design requirements and meets applicable building standards
- FBR to receive next tranche of non-refundable payment from CRH Ventures of US$600,000 under Demonstration Program agreement
- Construction of the first house in the Demonstration Program to commence shortly
An independent structural engineer provided confirmation that the walls of the test build were consistent with the design and met applicable building standards.
Completion of Site Acceptance Testing triggered a US$600,000 payment by CRH Ventures to FBR and the commencement of the Demonstration Program. The Demonstration Program requires FBR to construct the external walls of five to ten single-storey houses utilising the next-generation Hadrian X®. The Demonstration Program will commence shortly.
The Demonstration Program will be deemed complete when FBR completes construction of its five houses plus up to five houses added to the program by CRH Ventures, with all houses to be certified by an independent structural engineer. Upon completion of the Demonstration Program, FBR will receive a payment of US$400,000 from CRH Ventures under the Demonstration Program agreement. The completion of the Demonstration Program also marks the commencement of a 45-day period for CRH Ventures to exercise the option to form a joint venture for the delivery of Wall as a Service® in the United States.
This announcement has been authorised for release to the ASX by the FBR Board of Directors.
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This article includes content from FBR Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.