Environmental Clean Technologies receives $1.5m via placement to strategic investors
The capital infusion will primarily support development works at the Bacchus Marsh production facility
Funds will also be used to explore newly identified commercial activities
Special Report: A successful $1.5m placement has put Environmental Clean Technologies in good stead to carry out its commercialisation strategy at the Bacchus Marsh project in Victoria.
Development plans for a syngas pilot project kicked off in Q4, 2023, as Environmental Clean Technologies (ASX:ECT) narrowed in on efforts towards commercialising net-zero solutions across its three strategic pillars: agriculture, industry and energy.
Currently in Phase 2, the pilot plant is designed to assess the quality, quantity and consistency of syngas derived from the pyrolysis of biomass-blended lignite and offers an immediate decarbonisation solution for various market demands.
ECT is focused on delivering net-zero solutions via its COLDry process at Bacchus Marsh, which involves using low temperature and low pressure to dewater lignite and waste biomass to produce an upgraded feedstock for use in high-value applications.
The immediate target applications include soil health products and demonstration of syngas production for manufacturing methanol and clean hydrogen.
ECT also continues to receive international interest in its technology suite, particularly HydroMOR, its unique iron-making process that boasts a lower CO2 footprint than conventional methods. It has recently added India to its stable of patents in Australia, the EU, Canada and Russia.
Bacchus Marsh also offers an opportunity for ECT to further develop its HydroMOR technology in line with a range of current government policy settings designed to promote sustainability and sovereign manufacturing capability.
Now, with $1.5m in the bank following a placement to strategic investors at $0.005 per share – a 25% premium to the last traded price of $0.004 – ECT believes it is well placed to accelerate the pilot project at Bacchus Marsh as well as explore additional market opportunities for its other products.
‘Race to revenue’ strategy
“The strong backing from both existing and new shareholders, especially in challenging market conditions, underscores the significant progress made by ECT and the growing investor interest in our net zero and carbon negative process,” ECT managing director Sam Rizzo says.
“ECT remains focused on executing its ‘race to revenue’ strategy, aiming to establish a revenue stream from the Bacchus Marsh plant.
“Additionally, this project presents an opportunity for ECT to conduct a syngas pilot project, validating net zero, carbon-negative energy feedstock,” he says.
“We’re committed to advancing our three pillars: agriculture products, net zero and carbon-negative energy feedstock, and industrial applications.”
ECT’s waste-to-energy products. Pic: Supplied (ECT)
What’s coming up?
Looking ahead, ECT is hoping to finalise plans for the Bacchus Marsh production facility, secure supply and offtake agreements and confidently pursue partnership opportunities for its net zero and carbon negative technology suite and range of high-value, in-demand products.
This article was developed in collaboration with Environmental Clean Technologies, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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