Industry News

Community Engagement and Information Program lead appointed

The Northern Territory Government has signed a five-year agreement with CSIRO to deliver the Community Engagement and Information Program face-to-face through a full-time dedicated position based in the Northern Territory.

CSIRO recently appointed Dr Heather Stewart as the new Community Engagement and Information Program lead based in Darwin. Heather is in the Indigenous Science and Knowledge team with CSIRO Land and Water Business Unit. The team conducts a range of research with Indigenous co-research partners to address the challenges and harness future opportunities to support Indigenous leaders and their research and innovation agendas.

Dr Stewart is a social scientist and has worked in cross-cultural stakeholder engagement and storytelling across the Northern Territory, Queensland and Indonesia.

She will lead CSIRO’s work in collaboration with partners, to develop further evidence-based community information products on the potential impacts and benefits of the onshore gas industry.

Dr Stewart is based in CSIRO’s Darwin laboratory, commenced on 26 April 2022 and has begun planning on-country engagement as a priority.

Aboriginal Information Program factsheets

Through the Aboriginal Information Program, CSIRO has worked collaboratively with land councils to identify immediate information requirements and develop factsheets with clear, factual and relevant content for translation into languages of local Aboriginal communities potentially affected by shale gas development and hydraulic fracturing.

The factsheets are currently being translated into Aboriginal languages and will be available to use when engaging with Aboriginal people regarding the shale gas development and hydraulic fracturing in the coming months.

This program will continue to be delivered as part of the broader Community Engagement and Information Program.

Please direct all correspondence to:
Hydraulic Fracturing Inquiry Implementation Taskforce
GPO Box 4396, Darwin NT 0801
T 08 8999 6573
E hydraulic.fracturing@nt.gov.au
W hydraulicfracturing.nt.gov.au

$300M FOR ENERGY

THE Northern Territory’s dream of becoming a clean energy superpower will be turbocharged by the $300m pledge, which the Coalition claims will see more than 3800 new jobs created.

In addition to significant pledges toward clean hydrogen industry and carbon capture in Darwin, INPEX would also receive $30m to explore whether the Petrel subbasin would be suitable for CO2 storage. The company would get a further $1m to conduct a study into the feasibility of clean hydrogen.

The Japanese government has previously expressed interest in using INPEX’s Darwin operations to export clean hydrogen back to Japan, to help the nation meet growing energy demand.

A further $96m would be made available to new clean energy projects in the Northern Territory. In addition to 16,000 new jobs by 2050, Mr Morrison said construction of renewable projects in the NT could employ another 13,000.

“Our economic plan for the Territory will deliver a jobs boom, creating a stronger economy for a stronger future,” the Prime Minister said.

“We want to harness the Territory’s position as a world leader in energy and turbocharge it, unlocking investment and generating more jobs.”

Energy Minister Angus Taylor said the investment in the Northern Territory’s LNG exports was vital, given global pressure on supply.

“Global demand for LNG is poised to grow in response to the Russian invasion of Ukraine, and the Territory will benefit from another jobs boom as production decarbonises and new fields like the Beetaloo are opened up,” Mr Taylor said.

He said greenhouse gas storage opportunities gave Australia’s LNG a competitive advantage on the global market.

Harnessing of LNG in the Beetaloo Basin has been hotly contested by environmentalists, with the NT government putting in place significant controls on fracking.

Excerpt from NT NEWS article 

Northern Territory, Australia: Aqua Aerem, the proponent of the $US10.75 billion 10GW Desert Bloom Hydrogen project, and Japan’s Osaka Gas have entered into a historic joint development agreement that will position the venture at the forefront of Australia’s renewable hydrogen ambitions.

Desert Bloom Hydrogen is a world-first project that will produce truly renewable hydrogen for domestic and export markets using only off-grid renewable energy and its own atmospheric water source (which will produce water for the project without environmental degradation).

The agreement, which was ratified at a signing ceremony held jointly in Australia and Japan in the presence of the Northern Territory Chief Minister Michael Gunner on Tuesday, will see the two companies jointly develop the project, which will produce ~410,000 metric tonnes of green hydrogen per year when at full scale.

Details of the agreement are confidential but will involve Osaka Gas contributing to the following in conjunction with Aqua Aerem:

• Project management, engineering and technical support for the project;

• Identifying customers and negotiating the sale of hydrogen from the project; and

• Identifying, evaluating, and negotiating with equipment manufacturers.

Aqua Aerem Chief Executive Officer Gerard Reiter said the company was looking forward to working closely with Osaka Gas, which, in addition to being one of the world’s largest gas buyers and distributors, has an extensive global portfolio of energy projects, including LNG terminals, pipelines and independent power projects.

​“We are pleased to be collaborating with Osaka Gas on the further development of Desert Bloom Hydrogen, which is the most advanced, shovel-ready green hydrogen project in Australia,” Mr Reiter said.

“This deal is a strong endorsement of the massive value of the project and Aqua Aerem’s innovative air-to-water technology, which is opening the door for green hydrogen projects to be located where the best renewable power sources are available, which is generally in the driest areas of the planet.”

Northern Territory Chief Minister Michael Gunner welcomed Osaka Gas’s contribution to the development of a green hydrogen sector in the region, which is set to play a key role in meeting the NT’s ambitious economic targets.

“The project, which features pioneering technology to capture water from the atmosphere in arid environments, has been awarded Major Project Status by the Northern Territory Government.

“Today’s announcement is great news for the Northern Territory, for Australia and for Japan, as we strive to reach our shared destination of net-zero emissions by 2050.

“This major project is also providing a big boost to our economy, with around 1,000 jobs to be created during construction and a further 120 once it is operational, and we look forward to marking many more important milestones along the way.”

Strategically based in Central Australia to take advantage of high solar irradiation levels and proximity to Asian markets, Desert Bloom Hydrogen comprises a large-scale, off-grid system producing renewable hydrogen that does not require a ground based, riverine, aquafer or a sea water source.

The project consists of a series of modular 2MW Hydrogen Production Units (HPUs) capable of generating water from the atmosphere, as well as producing heat, renewable electricity, and green hydrogen.

The venture is backed by Sanguine Impact Investment.

Aqua Aerem Chairman and Sanguine Managing Director, David Green, said Osaka Gas was an ideal partner to jointly develop the Desert Bloom Hydrogen project.

Existing close ties with and proximity to Japan make the location of a major green hydrogen in the NT strategically beneficial to Japan and Australia as Japan implements its hydrogen roadmap to “Beyond-Zero” Carbon,” said Mr Green. 

“Desert Bloom Hydrogen will produce revenue from the installation of the first module and does not require large upfront expenditure, including investment in large infrastructure that may become stranded or suffer from technological obsolesce. “As a result of these substantial savings, Desert Bloom will be on track to produce green hydrogen at an export price international customers want to pay – less than $US2/kg within five years.” 

Desert Bloom Hydrogen will create more than 1,000 jobs during the construction phase and 120 ongoing jobs. It has Major Project Status with the NT Government and is finalising an offtake agreement with Territory Generation.

Aqua Aerem is also in discussions with other potential partners regarding the purchase of its green hydrogen as well as joint-venture opportunities spanning the energy, chemical, mining, transport, and aviation industries.

Mr Green said Sanguine was in the process of increasing the scale of the Project to 20GW to meet the quickly developing demand for green hydrogen as companies position to deliver on their international commitments.

“An equitable global energy transition and water security are the key challenges of this generation and Aqua Aerem is well-placed to assist with the expected surging demand for reliable, affordable, green energy and provision of security water supplies,” he said.

Media:

Rebecca Urban +61 411 790 304

Felix Eldridge +61 490 296 214 

media@aqua-aerem.com

Queensland and Northern Territory-focused gas explorer Top End Energy listed at 40c on Monday – a 100 per cent premium to its initial public offer price.

The company raised $6.4m at 20c a share, with the money to be used to explore across its ATP1069 prospect in Queensland as well as its TG Project – a portfolio of 30 oil and gas permit applications in the Northern Territory.

The shares debuted at 40c before hitting 41c, then settling back to close at 35.5c with more than 1.4 million shares traded.

Queensland resources entrepreneur Paul Williams has a 22.2 per cent stake in Top End Energy after vending the NT assets into Top End, and will retain a 50 per cent joint venture interest in them also, through his company Mckam Aust.

ATP 1069, which was acquired from Tri-Star Energy Company, is in central Queensland, 130km north west of Charleville, 50km from the existing Charleville gas field and 15km from a gas pipeline. “The company’s ATP 1069 permit will be the company’s flagship project until the Northern Territory applications are granted and a complete geological review has been undertaken over the entire portfolio,’’ the Top End Energy prospectus reads.

“Activity in both the Queensland and Northern Territory gas sector has recently increased due to, among other factors, the lifting of the (fracture stimulation) moratorium in the Northern Territory as well as the federal government’s ‘Gas Led Recovery’ program, which aims to mitigate the looming gas shortage on the east coast of Australia.

“ATP 1069 has possible prospectivity for conventional gas, unconventional coal-seam gas and shale oil.’’

The NT permits, put together by Mr Williams, cover about 160,000sq km, with a large portion of the applications centred on the territory’s western edge, at the top of the Amadeus Basin.

“The process of proceeding to grant of the exploration licence over several key permits is underway, with certain permits expected to be granted in 2022 (subject to a timely passage through the land tenure process),’’ the company said. “Post-grant, studies will be completed to plan acquisition of 2D seismic data to identify drilling targets.’’

Mr Williams has a long history in the resources sector, with large interest in the Queensland coal sector.

“Paul started his career underground opal mining in Lightning Ridge at the age of 15 and developed a knack for mining and contracting,’’ Top End’s prospectus reads. “Over the years he has started and owned various mining, contracting and development companies, which lead him to upstream resources projects.

“Over the past 10 years, Paul has had the foresight to acquire greenfield projects including iron ore projects in the Pilbara and Mid-West on top of the 30 oil and gas projects throughout the Northern Territory.

“Paul additionally held a coal portfolio over the past 15 years.’’

Top End Energy said it was committed to minimising its carbon footprint, which could involve carbon offsetting and carbon capture and storage.

“The company also intends to investigate the potential in the vicinity of its core assets for the development of complementary renewable energy revenues streams (including wind, solar, biomass and biogas),’’ the company says in its prospectus.

“The company’s primary objective is to be a net zero emissions (Scope 1 and Scope 2) energy -producer.’’

On a fully diluted basis, based on the 20c listing price, the company’s market capitalisation on listing was $23.9m.

The company is headed by managing director Oliver Oxenbridge, with Emmanuel Correia non-executive chairman and Greg Lee technical director.

Decommissioning of the Northern Endeavour is set to enter its next significant stage, Minister for Resources and Water Keith Pitt said today.

A $325 million contract has been signed with Petrofac Facilities Management Limited to deliver Phase 1 of the project. This will see the Northern Endeavour disconnected from the subsea equipment, and temporary suspension of wells. 

“The Australian Government is delivering on its commitment to keep the Northern Endeavour and its workers safe while protecting the environment,” Minister Pitt said.

“Decommissioning the Northern Endeavour is a unique and unprecedented responsibility for the Commonwealth after its owners went into liquidation.

“We are working closely with industry and regulators to progress decommissioning as safely, efficiently, quickly and cost-effectively as possible.

“Petrofac Facilities Management Limited has been selected and engaged through a robust global, competitive procurement process. I thank all the respondents for their engagement on this important matter.”

Minister Pitt said Petrofac Facilities Management Limited has extensive global experience in successfully leading and delivering large-scale and complex offshore decommissioning projects.

Parliament last night passed legislation to impose a temporary levy on industry to recover the costs of decommissioning and remediating the oilfields and associated infrastructure. 

This delivers on the Australian Government’s commitment to ensuring Australian taxpayers aren’t left footing the bill. 

For more on the decommissioning project, click here

This, the company says, allows an EPA referral attached to the project to be finalised with GEV confident it will be given the all-clear to get a start on its flagship hydrogen project. 

GEV continues to develop its patented compressed hydrogen vessel which will, eventually, become a crucial part of the logistics underpinning the viability of Tiwi H2. Midstream hydrogen transport helped along via the company's Gascoyne-based HyEnergy project. 

The company today reassured its investors it has "strong support" from the Munupi Landowners and Tiwi Plantation Corporation Board. 

Both bodies, it says, are in approval of an increase in the Tiwi H2 acreage; GEV is advancing environmental and engineering studies towards this end, including those to inform the development of a 2.8GW solar power installation and water desalination for electrolysis onsite. 

GEV also says it is continuing preliminary marketing strategies for its green hydrogen products. 

"GEV is advancing the design of its 2.8GW solar site and transmission line," GEV executive director Garry Triglavcanin said. 

It also says today its compressed hydrogen vessel is risk-free, and there are no issues preventing the ultimate classification of the vessel, allowing it to sail with the same freedom as normal LNG ships. 

GEV pivoted from CNG ships last year, which it had been progressing since 2017 when it bought a company with a patented ship design. 

While it signed a slew of memoranda of understanding with every jurisdiction from Iran—after Donald Trump came to power and reimposed sanctions—to Brazil, a firm deal that would securely finance building of the ships never made it across the line. 

Source: Energy News Bulletin

NEXTDC Limited (ASX: NXT), Australia’s leading data centre services provider, and the Northern Territory Government have shared detailed plans surrounding the development of NEXTDC’s new world-class data centre in Darwin (D1) which will underpin the digital territory strategy.

NEXTDC is working in partnership with the Northern Territory Government to drive the economic development of its technology capabilities in the region.

Located at 2 Harvey Street in Darwin’s central business district, the D1 site is strategically positioned next to a major electricity substation as well as critical telecommunications, utilities, public infrastructure and the Charles Darwin University Campus. Subject to development approval, it is expected to accommodate a data centre facility capable of approximately 8MW of capacity.

This new world class facility will also include an Innovation Centre; a purpose-built collaboration hub that will promote research, development and new incubator programs, as well as Mission Critical Operations space (MCX). This will enable customers to operate and monitor their high availability and business critical services, such as mine sites, disaster management centres, network operations, satellite operations, security operations and remote operations centres.

Championing NEXTDC’s core principles for quality and reliability, D1 will enable secure, lower latency access to cloud and digital services, allowing Northern Territory businesses to harness the benefits of cloud enabled services and emerging technologies such as automation, IoT, artificial intelligence, satellite and 5G.

Additionally, NT businesses that move their IT operations to D1 will gain access to the country's largest digital ecosystem comprising the world's largest cloud platforms including AWS, Google Cloud, Microsoft, IBM Cloud, Oracle Cloud and Alibaba, along with the nation’s carrier networks and service provider partners via the AXON interconnection platform.

Vocus, the facility’s anchor tenant, will host its new services and associated infrastructure in the D1 facility. Vocus will also provide high-capacity connectivity to D1 on its Terabit Territory fibre network.

D1 is primed to enter one of Australia’s most innovative renewable energy markets joining the Northern Territory Government’s commitment to 50% renewable energy by 2030 and Sun Cables 3.2GW dispatchable solar power sub-sea cable terminating in Darwin.

“NEXTDC’s commitment to supporting the Northern Territory’s goal of becoming a key destination for digital growth extends beyond our initial D1 development,” said NEXTDC Chief Executive Officer, Craig Scroggie. “We have also secured the rights for an additional and significant land parcel for our second Darwin site (D2). This site is in excess of 15 hectares and will provide additional capacity for the long-term development of a hyperscale campus designed to serve the emerging Asia South region connected to Darwin by new international submarine cable networks.”

NEXTDC is working in partnership with the NT Government and the Land Development Corporation to further plan this large-scale data centre and renewable energy expansion project.

“This investment will help us diversify and strengthen the Territory economy,” said NT Chief Minister Michael Gunner. “Not only will it create jobs for Territory tradies during construction, but the innovation centre will spur the growth of tech businesses here in the Territory and create digital careers for locals.

NEXTDC’s investment cements Darwin as Northern Australia’s most advanced digital economy, and this will open the door to new opportunities for future investment in cloud-based computing services and advanced manufacturing. We are Australia’s comeback capital, but we also want to be Australia’s destination for all things digital.”

Charles Darwin University College of Engineering, IT and Environment Dean, David Young said: “CDU educates IT and engineering professionals, and we are excited to work with NEXTDC, Vocus and the NTG to provide a tech workforce for the Territory in areas such as data science and cybersecurity. CDU has a close relationship with the IT and energy industries of the Northern Territory, who take our students as interns and permanent employees. The proximity of D1 to the new CDU Campus will immerse our students in a world-class digital ecosystem.”

Vocus Chief Executive Officer, Kevin Russell commented on the announcement, “Vocus and NEXTDC make ideal partners to bring the Digital Territory Strategy to life. Vocus recently completed the Terabit Territory fibre upgrade, delivering 25 times more capacity into Darwin, and we’ve commenced work on the Darwin-Jakarta-Singapore Cable system and Project Horizon which will provide a new fibre route from Perth to Port Hedland and onto Darwin. With NEXTDC’s D1 and Vocus’ major fibre infrastructure investments, Darwin now rivals Australia’s major capitals when it comes to digital connectivity.”

HyperOne Chief Executive Officer, Bevan Slattery said: “We are very excited to see the continued investments into digital infrastructure in the Northern Territory and look forward to partnering with NEXTDC and the Northern Territory Government to turn Darwin into Australia’s digital gateway to Asia. With more than 500 million people within 50 milliseconds of Darwin, the NT’s digital potential is huge. Investments being made by NEXTDC and HyperOne will transform the Territory economy and will make it the digital hub of Northern Australia. HyperOne’s $1.5bn investment in a new Hyperscale national network is critical to enabling traffic globally to travel via Darwin to the rest of the country”

Reach out to NEXTDC to find out more.

Source: NEXTDC

The Morrison-Joyce Government is backing regional industries that create wealth with a new $7.1 billion investment pipeline to drive economic growth and make Australia as strong as possible as quickly as possible.

Under the new Energy Security and Regional Development Plan, the Government will develop key regions across Australia, transforming them into next generation export hubs.

Turbocharging these regional economies will enable people to get the job they want and to pursue their dreams.

Through targeted investments in infrastructure, low emissions technology and energy production, resources extraction and processing, and water infrastructure, we will open up new frontiers of production and growth.

This will attract new sources of investment to Australia, further unlocking the potential of our regions and supporting the industries that earn the export dollars that make us wealthier and stronger.

Our investments include:

• $2.6 billion for projects in the Northern Territory;
• $1.7 billion for projects in North and Central Queensland;
• $1.5 billion for projects in the Pilbara region in Western Australia; and
• $750 million for projects in the Hunter region in New South Wales.

With projects across all regions announced, the remaining balance of funding will be invested into existing Government programs and priority projects in the nominated regions, with further announcements to be made in due course.

These regions will drive our economy, strengthen export markets and support the growth of existing and emerging industries, including mining, agriculture, energy, critical minerals and advanced manufacturing.

In addition to the $7.1 billion investment pipeline, the Government will also invest in projects and initiatives that enhance liveability and boost safety and wellbeing in regions across the entire country, including:

• $678.0 million to upgrade and further seal sections of the Outback Way in the Northern Territory, Queensland and Western Australia.
• $180.1 million to establish the Regional Australia Level Crossing Safety Program, delivering safety upgrades to level crossings in regional and rural areas; and
• $66.0 million to expand access and reduce out-of-pocket costs to magnetic resonance imaging services in rural and remote areas.

Northern Territory

The Government will invest $2.6 billion in infrastructure projects across the Northern Territory, transforming it into an industrial hub for next generation exports.

• $1.5 billion to build new port infrastructure, such as a wharf, an offloading facility and dredging of the shipping channel, to boost the region’s importing and exporting ability.
• $440 million to build new logistics hubs at Alice Springs, Katherine and Tennant Creek to facilitate more export activity out of the Northern Territory.
• $300 million to support low emissions LNG and clean hydrogen production at Darwin, together with associated carbon capture and storage infrastructure.
• $200 million to further develop the Middle Arm Sustainable Development Precinct, delivering enabling infrastructure such as a rail spur and a new road network to strengthen supply chains.
• $110 million in additional funding to continue to upgrade and further seal the Tanami Road, better connecting mining, resources, tourism, and agribusinesses between the Northern Territory and Western Australia.

North and Central Queensland

The Government will invest $1.7 billion in large-scale infrastructure to help North and Central Queensland realise its potential and become a major global supplier of food and fibre.

• $483 million towards the future construction of Urannah Dam, pending demonstration of value for money and sufficient public benefit for investment, to unlock more irrigated agriculture and providing water security.
• $400 million to further upgrade the Inland Freight Route, better connecting regional mining and agriculutral businesses with domestic and international markets.
• $80 million towards the future construction of the Bowen Pipeline, subject to completion of the detailed business case, confirmation of total delivery costs and co-funding, and demonstration of value for money and public benefit.
• $12.5 million towards a package of groundwater improvements in the Lower Burdekin.
• $11.5 million towards a package of strategic planning work to help determine the optimal mix of water infrastructure investment in the Burdekin and Central Queensland.
• $8.0 million in additional funding to support construction of the Big Rocks Weir.
• $7.7 million to construct new common-user infrastructure at the Port of Bundaberg as part of the Hinkler Regional Deal, building on the Government’s existing $10 million commitment to this project.

Pilbara region

The Government will invest $1.5 billion to support new industries in the north-west, establishing the Pilbara region as a major hub for exports.

• $400 million in additional funding to completely seal the Tanami Road to the Western Australian border, improving safety, accessibility and flood resilience to better support communities and industries along the route.
• $285 million to deliver infrastructure upgrades at the Port of Dampier, building its capacity to support next generation export industries.
• $280 million to construct additional infrastructure at Lumsden Point to better faciliate imports.
• $200 million to increase onshore processing and value-add of iron ore exports, to support low emissions steel production in Indo-Pacific customer countries like Japan and Korea.
• $200 million to enhance Australia’s supply chain security through new low emissions manufacturing facilities (using hydrogen and hydrogen-derivatives like ammonia, as well as carbon capture utilisation and storage) in the Pilbara region.
• $100 million to de-risk private sector investment in firm generation and grid infrastructure to increase system strength and capacity in the Pilbara region.

Hunter region

The Government will invest $750 million to support the Hunter’s expansion into new export industries while continuing to support traditional industries, strengthening the local economy and its position as a leading exporter to the world.

• $268.8 million to build the New England Highway Bypass to Muswellbrook, better connecting regional industries and helping them get their products to port.
• $100.0 million to support pre-Final Investment Decision activities and early works to make the Port of Newcastle ‘hydrogen ready’.

Across these regions, the Government will work with jurisdictions and industry to prioritise and deliver these commitments. Funding is conditional pending completed business cases demonstrating value for money and sufficient public benefit for investment, options for co-funding, and consideration of interaction with other relevant processes and initiatives across governments.

Source:

The Hon Barnaby Joyce MP

Deputy Prime Minister

Minister for Infrastructure, Transport and Regional Development

Media contact:

Deputy Prime Minister – Antony Perry | 0477 971 654 | Antony.Perry@infrastructure.gov.au

Operational update: Approximately 17% upward revision to Tanumbirini 2H and 3H flow test results 

Tamboran Resources told the market this morning that the increase in gas flows follows a recalibration of historic flow data it reported at the beginning of last month. 

The recalibration now indicates average gas flow rates were 2 million standard cubic feet per day at T2H and 1.7Mmscfd/d at T3H - still below the 3Mmcf/d Tamboran has previously said it needed to make the project commercially viable. 

Tamboran managing director and CEO Joel Riddle said compositional analysis from Velkerri B shale interval gas samples confirmed the presence of high-quality gas in both wells, with the well test gas rates being updated based on the analyses. 

"The revised flow rate data has resulted in an approximately 17% increase to the 14-day average gas flow rate for the T2H well to 3MMscf/d and in the ten-day average gas flow rate for the T3H well to 2.9MMscf/d, normalised over a 100m horizontal section," he said. 

T2H has been drilled to 4598m total measured depth and has been stimulated across 11 stages, while T3H has been drilled to 4857m and stimulated over 10 stages. 

Riddle noted that the T2H well continued being flow tested throughout March, with the 60-day average flow rate showing minimal decline, delivering 1.8MMscf/d over the stimulated 660m lateral section, normalised at 2.7MMscf/d over 1000m. 

T3H has been shut in for pressure build up and tubing. 

"Flow testing at this rate from the fracture stimulation program gives us increased confidence in the productivity and has not changed our understanding of the commerciality of the Mid-Velkerri B shael within the Beetaloo Sub-Basin," he said. 

Tamboran said that Santos was assessing the possibility of running production tubing in the T2H well during the current quarter. 

Earlier this month the federal government announced it was giving the JV A$7.5 million from the Beetaloo Cooperative Drilling Program. 

Tamboran's cash will go to drilling its Maverick-1 well in wholly owned acreage beside the Tanumbirini project.

Tambaoran's share price is flat, trading at 22.5c. 

Source: Energy News Bulletin

View full ASX announcement here

Sun Cable has completed a AUD210 million Series B capital raise with their existing shareholders to fund the development work of the Company’s marquee project, the Australia-Asia PowerLink (AAPowerLink), as well as accelerate the progress of the Company’s portfolio of multi gigawatt generation and transmission projects.

Led by Grok Ventures and Squadron Energy (a wholly owned subsidiary of Tattarang), the capital raise will support Sun Cable’s development of the world’s largest intercontinental renewable power system, connecting Australia to Singapore, and its mission, to supply renewable electricity from resource abundant regions to growing load centres, at scale. Enabled by a team of over 80 experts, Sun Cable has developed unique intellectual property to facilitate the optimal design of complex dispatchable renewable electricity generation and transmission projects.

Sun Cable’s flagship project, the AAPowerLink will harness and store solar energy from the Northern Territory in Australia and transmit it to Darwin and Singapore via a high voltage direct current (HVDC) cable transmission system.

David Griffin, Sun Cable Founder & CEO says “We have developed a world leading capability in four short years. We are thrilled to have materially strengthened our resources with the support of all of our shareholders, who are such strong advocates for our mission. This capital raise will enable the delivery of renewable solar power from Australia to Singapore, advance our other multi gigawatt scale projects, and support the progress of key facilitating assets.

“We are buoyed by the level of support from our investors and key stakeholders including governments, offtakers, suppliers, and the communities in which we operate,” he continues.

Dr Andrew Forrest AO, Chairman of Tattarang says “Sun Cable’s vision will transform Australia’s capability to become a world-leading generator and exporter of renewable electricity and enable decarbonisation. I’m proud to be a cornerstone investor in Sun Cable, its team and its vision. This capital raise is a critical step in developing the Australia-Asia PowerLink and I applaud Sun Cable realising this mission.”

Mike Cannon-Brookes, Principal of Grok Ventures says, "This brings Australia one step closer to realising our renewables exporting potential. We can power the world with clean energy and Sun Cable is harnessing that at scale. It's a blueprint for how we export energy across the world. We fully back this vision."

To access full media release, click here

Source: Sun Cable