PAR oversubscribes in pre-IPO; Star Scientific and Mars Food sign pilot
PAR is a strategically located port on the east coast of Australia for renewable energy supply.
Port Anthony Renewables (PAR), an Australian green energy company, has completed a heavily oversubscribed capital raising as it positions itself to develop the largest hydrogen hub in south-eastern Australia.
The pre-IPO raising demonstrates investor confidence in company strategy while solidifying its balance sheet ahead of its ASX listing next year. Port Anthony Renewables launched the raise on 7th December, targeting $2.5 million but was oversubscribed by $3.5 million by 9th December.
Benjamin Anthony, MD of Port Anthony Renewables, said, “These funds will support PAR’s planned ASX-listing slated for the second quarter of 2022 while pushing ahead the development of our hydrogen precinct.”
In a separate development, the Central Coast Hydrogen Food Cluster and Star Scientific Limited announced its Hero technology’s first applied research project, using hydrogen to provide heat for industrial-scale sanitation with Mars Food Australia. The 18-month pilot is part of the Central Coast Hydrogen Food Cluster, a new industry-led hydrogen collaboration on the New South Wales Central Coast between Star Scientific Limited and Central Coast Industry Connect Limited.
Mr Andrew Horvath, Star Scientific’s Global Group Chairman, said, “The global food manufacturing sector is demanding a green pathway to process heat for cooking and cleaning.”
Bill Heague, GM of Mars Food Australia, noted, “This pilot provides a real and tangible step towards a more sustainable future.”
Frank Sammut, Executive Director of the Central Coast Industry Connect, commented, “With the establishment of the Central Coast Hydrogen Food Cluster, we have the platform for industry players to be involved in the development of alternative heat sources for the food industry using hydrogen.”
