- Software and blockchain solutions company Tymlez (TYM) has entered a trading halt ahead of a capital raise announcement
- Tymlez aims to bring its green energy trading platform to enterprises, with a particular focus on energy trading and healthcare
- In an update yesterday, Tymlez announced it had been selected as a partner to develop carbon emission rights trading through its marketplace platform
- The company also partnered with Tyalgum Energy to install its green energy marketplace in the rural village of Tyalgum to facilitate trading
- However, at the end of FY20, Tymlez had just $130,000 in cash
- Based on its ventures and overall goals, the company could certainly benefit from further capital
- Company shares last traded for 14 cents on Tuesday, September 1
Tymlez Group (TYM) has entered a trading halt ahead of a capital raise announcement.
The company will remain in a trading halt until the earlier commencement of trading on Friday, September 4, unless the capital raise is announced earlier.
Tymlez is an enterprise software and blockchain solutions company. Just yesterday, it was selected as a partner for a large-scale, multi-year project alongside the Netherlands’ largest construction company, District System Operator, along with the National Telco, ICT Group, and others.
The company is currently working to finalise the details before the agreement is signed by the end of this month.
As part of the project, Tymlez will develop and deliver carbon emission rights trading through its energy marketplace platform.
To focus on the marketing and sales of its green energy trading platform in Australia and Asia, Tymlez set up a subsidiary, TYMLEZ Energy, in the June quarter.
Tymlez also announced a partnership with Tyalgum Energy in New South Wales to install and pilot its Green Energy Marketplace into the small village of Tyalgum. Tyalgum chose Tymlez’s technology to facilitate energy trading inside the community.
This is a significant step for the company in scaling its technology into commercial and industrial applications to impact the carbon neutral target for major energy consumers. It also marks the first trial of its kind in the Southern Hemisphere.
Additionally, Tymlez filed an application for a $1,358,820 government grant as part of a healthcare initiative with the free university of Amsterdam and Macquarie University of Sydney.
The grant will support the development and testing of its green energy trading platform for medical supplies and personal protective equipment such as masks, goggles and gowns.
But at the end of the 2020 financial year, Tymlez had just $130,000 in cash. Based on its current ventures and goals for green energy trading, the company could certainly benefit from further capital.
Company shares last traded for 14 cents on Tuesday, September 1.