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ReNu Energy Limited ( (AU:RNE) ) has shared an announcement.
ReNu Energy Limited has agreed to sell its Countrywide Hydrogen Business, including the Tasmanian green hydrogen project, to Countrywide Hydrogen Holdings Pty Ltd, which is controlled by members of ReNu’s management. The sale is contingent upon shareholder approval and is expected to complete in March 2025. This strategic divestment comes after feedback from capital raising rounds and changes in ReNu’s financial position, aiming to reposition the company as a debt-free listed vehicle. The transaction is expected to result in operating cost savings and strengthen ReNu Energy’s balance sheet by transferring certain liabilities to the buyer.
More about ReNu Energy Limited
ReNu Energy Limited operates in the renewable energy industry, focusing on the development and investment in green hydrogen opportunities. Its primary services include the production, storage, and distribution of hydrogen, with a significant project based in Tasmania.
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $1.08M
For detailed information about RNE stock, go to TipRanks’ Stock Analysis page.
