Sawmill operator Sweetman Renewables has signed a $15 million hydrogen joint venture with Singapore’s CAC-H2 as part of an effort to become a renewable energy-focused company, according to Australian Financial Review.
The joint venture will seek to establish a hydrogen production center in New South Wales, Australia. Sweetman will provide 30,000 tons of wood biomass per year, engineering services and land access, and own 20 percent of the new venture. CAC-H2 will own 80 percent and will provide the initial investment for the establishment of the first two production lines at its new center of excellence, which will be called Hunter Valley One.
IREI understands Sweetman is conducting a pre-IPO funding round ahead of an ASX listing, with Barclay Pearce Capital managing the fundraise.
