ReNu Energy (ASX: $RNE) secures $8 million funding for green hydrogen project

ReNu Energy Limited (ASX: $RNE) has announced that its wholly owned subsidiary, Countrywide Hydrogen Pty Ltd, has been awarded an $8 million funding package by the Tasmanian Government. The funding is aimed at supporting the delivery of Countrywide Hydrogen's flagship Tasmanian green hydrogen project, known as Hydrogen HyWay#1, which has the potential to establish Australia's first end-to-end hydrogen transport ecosystem.

Executive Commentary on Tasmanian Government's funding

The funding package awarded by the Tasmanian Government is a significant milestone for our green hydrogen project. It will enable us to accelerate the development and production of green hydrogen in Tasmania, contributing to the decarbonization of the heavy transport industry. We are grateful for the support and look forward to delivering on our commitment to establish a sustainable green hydrogen ecosystem in Tasmania.

Summary of Tasmanian Government's funding for Countrywide Hydrogen

The $8 million funding package from the Tasmanian Government marks a pivotal advancement for ReNu Energy's subsidiary, Countrywide Hydrogen, in its pursuit of establishing a green hydrogen ecosystem in Tasmania. The funding, facilitated through the Green Hydrogen Price Reduction Scheme, aims to stimulate the supply and demand for green hydrogen by bridging the gap between production costs and affordable pricing. This support will enable Countrywide Hydrogen to deliver green hydrogen at a competitive price, positioning it as a viable alternative to diesel. The project, Hydrogen HyWay#1, is designed to decarbonize the heavy transport industry and has the potential to revolutionize Australia's hydrogen transport landscape. With a vision to lead the decarbonization efforts through green hydrogen, ReNu Energy is poised to make significant strides in pioneering sustainable energy solutions.