Following the divestment of its portfolio of renewable energy assets during the 2020 financial year and completion of the abandonment of the two remaining geothermal wells in April 2021, ReNu Energy’s focus is to execute strategic investments in the clean energy sector.
On 2 June 2021, ReNu Energy announced a strongly supported capital raising of $1.46 million. The funds raised from the placement will be directed towards implementing its clean energy incubator strategy, by taking strategic stakes and nurturing renewable energy projects, including hydrogen, moving to either a controlling interest, supporting through to an IPO process or exiting via sale.
On 25 June 2021, ReNu Energy announced the acquisition of a cornerstone interest in Uniflow Power Limited (Uniflow), an unlisted public company commercialising a patented micro renewable energy generator powered by biomass – known as The Cobber. ReNu Energy’s investment will fund Uniflow’s business plan to complete its Canberra demonstration project for The Cobber in Q3 2021 and the construction and testing of additional units to optimise design parameters and determine the most cost-effective methods for manufacture and distribution.
ReNu Energy is also in early stage discussions with a number of other renewable energy project and technology developers and expects to progress additional opportunities as part of its clean energy incubator strategy once the Uniflow transaction has completed.