GreenHy2 (ASX: $H2G) March 2024 Quarterly Activities Report

GreenHy2 Limited (ASX: $H2G) reported a cash balance of $591K at the end of the quarter, down from $1,002K in the previous quarter. The company continues to concentrate on its core Renewable Energy Strategy, particularly Solid State Hydrogen Storage Batteries supported by 100% renewable fraction generation. GreenHy2 completed its Stand-Alone Power Supply trial period using Solid State Hydrogen Storage and Solar Generation with Essential Energy in August and is now operating under an O&M agreement with EE. The company is also targeting the first sales in H1 of 2024 for its Solid-State Hydrogen Storage business opportunities. Additionally, GreenHy2 will cancel the Adjusted Performance Rights to the Managing Director and Chief Financial Officer and issue new Performance Rights complying with the Employment contracts that will be voted on at the upcoming AGM. Furthermore, the company announced a capital raising of up to approximately $630,000 to fund general working capital and the costs of the Offer.

Executive Commentary on GreenHy2's Activities

GreenHy2 continues to make significant progress in its core Renewable Energy Strategy, with a particular focus on Solid State Hydrogen Storage Batteries. The completion of the Stand-Alone Power Supply trial period and the ongoing discussions with Essential Energy demonstrate our commitment to providing reliable and sustainable energy solutions. We are also pleased to announce the upcoming capital raising, which will support our future business activities and growth plans.

Summary of GreenHy2's March 2024 Quarterly Activities

GreenHy2 (ASX: $H2G) reported a decrease in cash balance at the end of the quarter, but remains focused on advancing its Renewable Energy Strategy, especially in the area of Solid State Hydrogen Storage Batteries. The company's successful trial period and discussions with Essential Energy indicate positive developments in its operations. The cancellation of Adjusted Performance Rights and the proposed capital raising further reflect GreenHy2's commitment to aligning its performance incentives and securing necessary funding for its future endeavors. The company aims to target the first sales in H1 of 2024 for its Solid-State Hydrogen Storage business opportunities, indicating a positive outlook for the upcoming period.