GreenHy2 Limited - June 2024 Quarterly Activities Report
H2G (H2G) Share Update July 2024 Monday 29th
GreenHy2 Limited Reports Strong Cash Position and Key Project Updates
GreenHy2 Limited (ASX: H2G), a leader in renewable energy solutions, has released its June 2024 Quarterly Activities Report, highlighting a substantial increase in cash reserves and notable progress on several key projects.
Instant Summary:
- Cash on hand increased to $1,222K from $591K last quarter.
- Total cash equity raised during the quarter was $1,077K.
- Focus on Solid State Hydrogen Storage Batteries with 100% renewable generation.
- Key partnerships and projects with Telstra, Essential Energy, Otago University, Horizon Power, and Fiji Ministry of Energy.
Financial Overview
GreenHy2 Limited reported a significant increase in cash on hand, ending the quarter with $1,222K, up from $591K in the previous quarter. The company successfully raised $1,077K in cash equity during this period.
The main elements of cash flow included receipts from capital raising and payments to related parties amounting to $120K, which covered salaries and director fees.
Project Updates
GreenHy2 continues to focus on its core Renewable Energy Strategy, particularly in Solid State Hydrogen Storage Batteries supported by 100% renewable generation. The company is targeting sectors such as Utilities, Telecoms, remote communities, and private operators with its safe, low-cost, and reliable energy solutions.
Key projects include:
- Telstra: Partnering to trial a fully redundant dual MEDI system for telecommunications, with Telstra committing $1.5M to the project and an additional $1.5M grant from TDRIP.
- Essential Energy: Completed a 12-month performance trial with 100% availability and reliability, leading to a signed extension of the operations contract and a commercial model for a 10-unit project.
- Otago University: A showcase installation in the NZ Renewable Market, currently negotiating logistics for a MINI unit purchase.
- Horizon Power: Submitted an EOI to replace diesel generator microgrids in Indigenous Communities, with a project value around $15M.
- Fiji Ministry of Energy: Engaged in discussions for diesel replacement programs in remote villages, with significant funding available from international aid organizations.
Expenditure Summary
GreenHy2's main cash flow elements for the quarter included receipts from capital raising and payments for staff costs, administration, and corporate costs. The company also reported a net cash outflow from operating activities of $342K and from investing activities of $55K.
Overall, the company ended the quarter with $1,222K in cash and cash equivalents, providing a solid financial foundation for future operations.
The increase in cash reserves and progress on key projects are positive indicators for GreenHy2's financial health and operational capabilities. The partnerships and project advancements, particularly with major entities like Telstra and Essential Energy, are likely to bolster investor confidence and potentially drive up the company's stock price.
Investor Reaction:
Analysts are expected to react positively to GreenHy2's financial position and project updates. The successful capital raising and strong cash reserves, coupled with significant project milestones, demonstrate the company's growth potential and strategic execution.
Conclusion:
Investors should keep an eye on GreenHy2's continued progress in its renewable energy projects and partnerships. The company's strong financial position and strategic focus on innovative energy solutions make it a promising player in the renewable energy sector.