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Hexagon completes financing round to fund WAH2 project pre-FEED

Published by , Editorial Assistant
Global Hydrogen Review,

Hexagon Energy Materials Ltd (Hexagon) has completed a funding round to take the company to the FEED stage of its WAH2 low-emissions ammonia project.

Hexagon’s target remains WAH2 FEED entry in Q324. This will require the completion of planned technical work and finalisation and execution of conditional commercial agreements for key aspects of the project. Confidential negotiations continue with key input providers, potential off-takers and strategic partners.

Hexagon intends to have the key agreements in place to support the start of FEED in Q324. Given the interdependency between the commercial agreements, their sequencing and timing will be determined as they progress.

Chairman Charles Whitfield commented: “This funding clears the path for the company to finalise its technical work to FEED which will in turn clear the final steps to the engagement with our strategic partners. The placement has been specifically structured with the help of a key investor so that the company can benefit from any future uplift in the share price upon the achievement of key milestones. After a substantial amount of work by our highly experienced team, the key jigsaw pieces are falling in to place. We expect to see an accelerating pattern of announcements as they are finalised. The management of Hexagon looks forward to carrying out a number of town hall meetings for investors over the coming months as well as providing further updates as elements of the project are progressed.”

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