Green energy company, Port Anthony Renewables (PAR), has completed a heavily oversubscribed capital raising as it positions itself to develop one of the largest hydrogen hubs in south-eastern Australia. The company’s focus is green hydrogen production and export.
The pre-IPO raising demonstrates investor confidence in PAR’s strategy while solidifying the company’s balance sheet ahead of its ASX listing in 2022.
PAR launched the raise on 7 December 2021 targeting $2.5 million but was oversubscribed by $2 million that afternoon and $3.5 million by 9 December. Its leadership team includes Brad Lingo, Benjamin Anthony and Brian Kitney.
The company will use $3 million of that as it moves towards its IPO while progressing its hydrogen production and export plans, as well as attracting industry leading participants including Peter Coleman-chaired, Infinite Blue Energy.