The Genex Power Ltd (ASX: GNX) share price is still motionless today as the renewable energy developer finalises its capital raising, which was launched yesterday.
This leaves the attention on who is pouring money into the company to make the hydro project possible. It appears Australian rich listers and Atlassian Corporation PLC (NASDAQ: TEAM) founders Mike Cannon-Brookes and Scott Farquhar are in the mix.
At the time of writing, the Genex share price is frozen in a trading halt at 27.5 cents per share on the ASX.
Funding a renewable future
The ASX-listed Genex Power share price remains halted as the company finalises the financing for stage 2 of its Kidston hub. As part of funding the $777 million hydro development, Genex Power tapped the market yesterday to source $115 million. Reportedly, Atlassian founders Mike Cannon-Brookes and Scott Farquhar substantially contributed.
Mike’s wife Annie and her firm Grok Ventures, as well as Scott’s wife Kim Jackson and her firm Skip Capital, were backers of the Genex Power capital raising. The funds will go towards constructing and bringing online a 250MW pumped storage hydro energy development.
Genex is one of the many companies investing in a renewable energy future. The Kidston clean energy hub already has established a 50MW solar firm that powers 26,000 homes and offsets 120,000 tonnes of CO2 per year. Following the completion of stage 2, Genex plans to develop a further 150MW wind project and solar farm expansion.
The addition of Genex Power to the Grok Ventures portfolio fits alongside the numerous other renewable investments the private fund has made. Such investments include the world’s largest solar energy infrastructure in the making, Sun Cable; and interest-free solar payment provider, Brighte.
When will Genex Power resume trading on the ASX?
Based on the capital-raising presentation, the institutional offer was conducted yesterday. The retail portion of the offer is expected to open on Tuesday 30 March and close on Friday 16 April. The trading halt should be lifted tomorrow, allowing the market to once again trade in the ASX-listed company.
However, a reminder for those hoping to squeeze into the capital raise, you’ll need to already own shares. This is due to the ASX T+2 settlement, meaning it takes 2 business days for purchases to settle. Unfortunately, you need to be on the share registry prior to 7 pm Friday to participant in the capital raising.
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Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Atlassian. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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