NoviqTech completes successful private placement

NoviqTech Limited (ASX: $NVQ) has successfully completed a private placement, raising $700,000 at $0.004 per share, representing a 33% premium above the last closing price. The placement aims to accelerate the commercialization of Carbon Central and further develop AI functionality within the platform, in addition to addressing working capital needs.

Executive Commentary

We are pleased with the support offered to us through this Placement. The raise will allow NoviqT to continue the development of its AI-enabled Carbon Central platform. Carbon Central will enable organizations of all sizes to monitor and report on their carbon emissions and support organizations in claiming guarantee of origin certificates for their green fuels and resources.

Summary

NoviqTech (ASX: $NVQ) has successfully completed a private placement, raising $700,000 at $0.004 per share to accelerate the commercialization of Carbon Central and further develop AI functionality within the platform. The funds will also be utilized for working capital purposes. In the upcoming year, Carbon Central is set to undergo significant improvements by integrating Artificial Intelligence in several pivotal areas, aiming to offer unparalleled accuracy, efficiency, and actionable insights for businesses worldwide. Leveraging the Google Cloud Sustainability Partner designation, NoviqTech aims to develop industry-leading AI capabilities for Carbon Central, positioning it as a leading platform in carbon management. The collaboration with Google and the integration of Gemini AI technology highlight NoviqTech's commitment to leading the charge in technological innovation for environmental sustainability.