Regal Funds Management Becomes a Substantial Shareholder in Provaris Energy

November 19, 2024 03:18 PM AEDT | By Team Kalkine Media

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Regal Funds Management Becomes a Substantial Shareholder in Provaris Energy — Image source: Shutterstock

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Highlights

Regal Funds Management secures a 5.69% stake in Provaris Energy.

Proceeds from a recent placement to support hydrogen and CO₂ projects.

Provaris advances innovative solutions for gas storage and transport.

Provaris Energy (ASX:PV1) has welcomed Regal Funds Management Pty Ltd as a new substantial shareholder. Regal Funds Management, a subsidiary of Regal Partners Ltd, recently acquired 39,114,585 shares in Provaris, representing a 5.69% stake. This acquisition underscores confidence in Provaris' innovative solutions for storing and transporting gases like hydrogen and CO₂.

The shareholding, based on Provaris' disclosed total of 686,883,658 shares on November 13, 2024, highlights growing interest in the company’s technology, which aims to address global energy challenges.

About Regal Funds Management

Established in 2004, Regal Funds Management has grown into a leading alternative investment manager, with operations in Sydney, Singapore, and New York. It caters to institutions, family offices, foundations, and private investors across domestic and international markets. Regal is recognized for its expertise in hedge funds and alternative strategies, supported by one of Asia-Pacific’s largest fundamental research teams.

Recent Placement Supports Key Projects

The shareholding acquisition by Regal follows Provaris' recently completed placement, which raised AUD 1.5 million. This funding aims to boost business development in Europe, focusing on hydrogen and CO₂ applications, and support preparations for restarting the company’s prototype tank program.

The placement, priced at AUD 0.02 per share, resulted in the issuance of 75 million new fully paid shares. The issue price was set at a 5% discount to the last trading price and a 10% discount to the 30-day Volume Weighted Average Price as of November 1, 2024.

Advancing Hydrogen and CO₂ Solutions

Provaris is advancing its position as a pioneer in the storage and marine transport of gases. The company’s innovative compressed hydrogen technology is being positioned as a cost-effective and efficient solution for bulk-scale hydrogen production, storage, and transport to North West Europe.

Additionally, the company is exploring commercial opportunities within the established CO₂ shipping sector. By introducing higher-volume CO₂ tanks and ships, Provaris aims to reduce costs associated with storage and shipping, furthering its commitment to addressing global energy and environmental challenges.

Provaris Energy continues to align its technological innovations with industry needs, making strides in sustainable gas transport solutions. The addition of Regal Funds Management as a substantial shareholder adds strategic value and reinforces the company’s future growth trajectory.

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