Biogas IPO to Raise $1 Million
A biogas project developer is looking to raise up to $1 million and list on the specialist SIM VSE stock exchange for early stage cleantech companies.
The chairman of Utilitas Dr John Cronin says both gas and electricity prices are rising, yet each year we throw away enough food scraps, manure, sewage and other organic waste to power almost a million homes.
Australia can no longer afford to waste this resource, as biogas can be recovered from these organic waste streams and used as a direct gas replacement or converted into cost effective electricity.
The market for biogas in Australia and Asia Pacific is still in its embryonic stage compared to countries such as Germany, which for decades has been recovering energy from their organic waste streams using safe, reliable, mature anaerobic digestion technologies.
"Utilitas sees the production of biogas from waste streams as a significant business opportunity," he said.
Established in 2010, Utilitas is a developer of biogas projects for clients such as farmers, food processors, waste managers and wastewater treatment plant operators. It can turn their organic waste into energy while recovering valuable nutrients and abating their carbon emissions.
Dr Cronin said Utilitas uses proven technology widely deployed in other countries and does everything from concept to commissioning including approvals, network connections and financing.
The purpose of the fund raising is to enable the company to move to its next phase of development and employ an identified team of experts to bringing biogas projects online.
The offer is 5.5 million shares at 10 cents each to raise a minimum of $550,000. Over subscriptions could raise that to $1 million.
"At Utilitas we aspire to be one of the leading biogas project development companies in the Asia Pacific through the delivery of affordable clean energy and organic waste management solutions to our customers, providing returns to our investors and leaving behind a better world for future generations," said Dr Cronin.