- ADX Energy (ADX) starts the week off in a trading halt, as it gears up to raise additional cash via a capital raise
- No details of the fundraise have been released to investors at the stage, but the company entered the two-day trading halt on Monday morning
- Before the proposed capital raise, ADX had been focused on its Vienna Basin Hydrogen Production and Storage Project
- The business released more information to shareholders explaining how it would commercialise its green hydrogen technology
- ADX shares will remain halted from trade until Wednesday, with securities last trading at 1.1 cents each
ADX Energy (ADX) has started the week off in a trading halt, as it gears up to raise additional cash via a capital raise.
No details of the fundraise have been released to investors at the stage, but the company entered the two-day trading halt on Monday morning.
Before the proposed capital raise was flagged today, ADX had been focused on its Vienna Basin Hydrogen Production and Storage Project.
The business recently released more information to shareholders explaining how it would commercialise its green hydrogen technology.
ADX explained green hydrogen involved creating hydrogen from water using renewable energy which is carbon-free.
The company plans to produce and store hydrogen by up-cycling its own depleted gas reservoirs in the Vienna Basin.
Its assets in Vienna are also located near a wind power plant, with early agreements signed to help generate the product.
Additionally, ADX is near a local pipeline network where the business said it could deliver hydrogen to the city of Vienna.
Following today’s trading halt, ADX Energy shares will remain halted until Wednesday, with the company’s securities last trading at 1.1 cents each on December 3.