Aussie firm Verdant Earth Technologies files for IPO on Nasdaq

Forest biomass. Author: Oregon Department of Forestry. License: Creative Commons, Attribution 2.0 Generic.

October 19 (Renewables Now) - Australia’s Verdant Earth Technologies Ltd has filed for a stock market flotation in the US, seeking to list its shares on the Nasdaq Capital Market under the ticker symbol “VDNT”.

The number of shares and price range for the proposed initial public offering (IPO) have not yet been determined.

Verdant is an early-stage company set up in 2018 that aims to develop a network of renewable energy and green hydrogen projects in Australia.

Its first project is to convert a decommissioned 146-MW coal-fired power plant in New South Wales to run on biomass. It also plans to build a scalable, green hydrogen production plant next to the power station. The company estimates it will need some AUD 67 million (USD 49.5m/EUR 42.7m) to complete the power station recommission project, according to the filing with the US Securities and Exchange Commission (SEC). It expects the IPO proceeds, along with existing cash and cash equivalents, to allow it to fund the recommission project.

Roth Capital Partners is the sole manager for the proposed issue.

(AUD 1 = USD 0.739/EUR 0.637)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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