ReNu Energy (ASX:RNE) updates market on proposed buyout of Countrywide Renewable Hydrogen

• ReNu Energy (RNE) has updated shareholders on the Melbourne Hydrogen Hub (MHH) project, one of three Countrywide Renewable Hydrogen (CRH) projects.
• After the acquisition was first announced late last year, RNE shareholders now have the opportunity to vote on February 1
• According to ABDO Corporate Finance, RNE’s choice of Independent Expert, the acquisition of CRH by RNE is fair and reasonable
• If shareholders agree with the proposed transaction and all other obligations are met, the 2022 plan includes a range of more permanent infrustracture
• ReNu Energy shares are up 2.27 per cent to 9 cents a share

ReNu Energy (RNE) has updated shareholders on the Melbourne Hydrogen Hub (MHH) project, one of three Countrywide Renewable Hydrogen (CRH) projects.

After the proposed acquisition of CRH was first announced late last year, RNE shareholders now have the opportunity to vote on February 1.

According to ABDO Corporate Finance, RNE’s choice of Independent Expert, the acquisition of CRH by RNE is “fair and reasonable.”

If shareholders agree with the proposed transaction and all other obligations are met, the 2022 plan includes converting collaboration agreements into definitive agreements with project equity partners.

The Financial Investment Decision for at least one of the three projects is due by the end of the year.

CRH is an Australian company that launches green hydrogen projects with aim of developing them in collaboration with project partners and governments.

CRH’s MHH has the potential to decarbonise road transport by using hydrogen fuel cell trucks and buses, green electricity generation and by blending green hydrogen into natural gas networks.

The MHH is also under the process of cost optimisation by the Swinburne University of Technology’s Victorian Hydrogen Hub (VH2).

Renewable energy is currently being remodelled to minimise electricity cost and the overall cost of delivered green hydrogen from MHH.

“In making the decision to acquire CRH, we were particularly attracted to the company’s origination expertise and existing portfolio of opportunities,” RNE CEO Greg Watson said.

“The hydrogen production cost optimisation work being done by VH2 together with existing collaboration agreements and potential for material domestic green hydrogen demand provide strong tailwinds to further progress during 2022 the pipeline of green hydrogen opportunities that the CRH founders have originated.”

ReNu Energy shares are up 2.27 per cent to 9 cents a share at 11:53 am AEDT.