ReNu Energy (ASX: $RNE) reports higher revenue and increased loss for HY Dec 23

ReNu Energy Limited (ReNu Energy or the Company) has reported its half-year financial results for the period ended 31 December 2023. The company's revenue for the half-year (HY) Dec 23 was higher than the previous period, driven by the Group's green hydrogen development activities being eligible for the R&D Tax offset and favourable revaluations of the Company's carrying value of investee companies. However, the loss for HY Dec 23 was higher than the previous period due to increased green hydrogen project development expenditure as the Group's flagship Tasmanian green hydrogen projects progress towards final investment decision.

Executive Commentary on ReNu Energy's HY Dec 23 Results

ReNu Energy's purpose is to strategically drive the transition to a low carbon future. The Group's activities during the half year centered around advancing the Company's flagship Tasmanian green hydrogen projects. The Group has domestic green hydrogen supply ambitions, with a Hydrogen HyWay ecosystem in Tasmania initially (Hydrogen HyWay1), then replicating the model to suitable markets across mainland Australia and internationally. The Group's strategy is to be the owner and operator of the hydrogen refuelling stations through its refuelling brand H2Co Energy.

Summary of ReNu Energy's HY Dec 23 Results and Outlook

ReNu Energy's half-year financial report for HY Dec 23 reflects higher revenue driven by the Group's green hydrogen development activities and favourable revaluations of investee companies. However, the increased loss was attributed to higher green hydrogen project development expenditure as the Group's flagship Tasmanian green hydrogen projects progress towards final investment decision. The company's vision is to be an Australian leader in decarbonisation through pioneering the development of green hydrogen domestic ecosystems. Looking ahead, the Board and management believe that the Group remains well positioned to progress the development of its flagship Tasmanian Hydrogen HyWay project in 2024, as it continues to work towards a final investment decision.