ReNu Energy secures $8 million funding for green hydrogen project

ReNu Energy Limited (ASX:RNE) has finalized a binding Grant Deed with the Tasmanian Government, securing up to $8 million of funding for its Tasmanian green hydrogen project. The funding, provided through the Green Hydrogen Price Reduction Scheme, aims to stimulate both the supply and demand for green hydrogen. ReNu Energy will receive grant funding on a per kilogram basis of green hydrogen sold to end-users, covering the production cost gap.

Executive Commentary on Tasmanian Government funding

We are pleased to have secured this funding from the Tasmanian Government for our green hydrogen project. This support will enable us to accelerate the development and delivery of green hydrogen to customers, contributing to the transition to a low carbon future. The Green Hydrogen Price Reduction Scheme aligns with our vision to be a leader in the renewable and clean energy sector, and we are committed to leveraging this funding to drive sustainable energy solutions.

Summary of ReNu Energy's funding announcement

ReNu Energy (ASX:RNE) has successfully entered into a binding Grant Deed with the Tasmanian Government, securing up to $8 million of funding for its Tasmanian green hydrogen project. The funding, part of the Green Hydrogen Price Reduction Scheme, aims to stimulate the supply and demand for green hydrogen, supporting the company's vision to be a leader in the renewable and clean energy sector. The grant funding, subject to achieving final investment decision by September 2025 and delivery of green hydrogen to customers, will play a crucial role in advancing ReNu Energy's sustainable energy initiatives and contributing to a low carbon future.