Join our daily newsletter At The Bell to receive exclusive market insights
- ReNu Energy (RNE) completes its acquisition of Countrywide Renewable Hydrogen (CRH) through the issue of about 134.6 million new shares
- Consideration shares of 124.6 million will be issued today with a further 10 million to be issued to the three founders of CRH at a later date
- The company says the acquisition will give it access to the growing green hydrogen industry
- ReNu Energy will appoint CRH’s Managing Director, Geoffrey Drucker, as an Executive Director and CRH’s Chair, Susan Oliver, as a Non-Executive Director
- Shares closed 6.33 per cent higher today at 8.4 cents each
ReNu Energy (RNE) has completed its acquisition of Countrywide Renewable Hydrogen (CRH) through the issue of about 134.6 million new shares.
CRH originates green hydrogen projects with a view to develop them in collaboration with project partners and governments.
Consideration shares of 124.6 million will be issued today with a further 10 million to be issued to the three founders of CRH at a later date.
CRH Founder and Peak Asset Management have agreed to a voluntary escrow of 100 per cent of their consideration shares for 12 months, 75 per cent for 18 months, and 50 per cent for 24 months.
The company said the acquisition will give it access to the growing green hydrogen industry through three Australian onshore green hydrogen opportunities under discussion with state governments and large partners, and a pipeline of early-stage opportunities in Canada and the USA.
The company has appointed CRH’s Managing Director, Geoffrey Drucker, as an Executive Director and CRH’s Chair, Susan Oliver, as a Non-Executive Director.
ReNu Energy Chief Executive Officer Greg Watson said he is pleased to see the completion of the acquisition.
“Our 2022 green hydrogen focus is to build on the project origination outcomes achieved and leverage the strengths of the combined companies to progress the three Australian projects by securing land, partners, power purchase and offtake agreements,” he said.
Shares closed 6.33 per cent higher today at 8.4 cents each.
