- ReNu Energy (ASX:RNE) has signed a Subscription Agreement with renewable energy tracing company Enosi Australia Pty Ltd.
- For the transaction, ReNu Energy will invest AU$500,000 in two equal tranches.
- Thanks to this, the share price of the Company jumped over 9% on the ASX.
The shares of ASX-listed independent power producer ReNu Energy Limited (ASX:RNE) jumped by 9.999% to close today’s session at AU$0.055 per share. The Company announced that it has signed a Subscription Agreement with renewable energy tracing company Enosi Australia Pty Ltd. According to this agreement, ReNu Energy will invest AU$500,000 in two equal tranches.
Via this investment, ReNu Energy will get access to a company at the forefront of developing a new class of ‘Energy as a Service' (EaaS) technology. The first tranche is likely to be completed in September 2021, with the second tranche on 30 November this year.
Enosi is an Australian business that has developed Powertracer, an unparalleled grid-scale renewable trading and tracing solution. Powertracer helps corporations and individual customers keep track of their renewable energy mix 24/7 and enables energy retailers to sell this clean energy directly at prices specific to the energy source.
So far, Enosi has signed five electricity retailers in Australia to integrate its tracking technology onto their metering and billing systems and carry out the matching. Enosi is in talks with additional retailers and is also engaging with corporate Australia to explain how its technology can take them to the next level on their renewables ambitions. In addition, it is eyeing overseas expansion, with Western Europe, the USA and Japan seen as priorities.
After completing the proposed investment, ReNu Energy will hold 6.1% of Enosi’s issued share capital on a post-money basis. In addition, ReNu Energy will accede to a Shareholders Agreement, which is on terms and conditions customary for an entity of the size, nature and type of Enosi.
ReNu Energy’s decision to invest in Enosi is a part of advancing the Company’s renewable and clean energy incubator/accelerator strategy. There is a rising demand for an actual zero-carbon future amongst corporate groups and consumers, and the Powertracer technology offers considerable advantages when pursuing this.