Verdant Earth Technologies, which repurposes traditional power plants to run on renewable fuel in Australia, filed on Monday with the SEC to raise up to $54 million in an initial public offering.
Verdant states that it is a development stage green energy company in the process of repurposing and recommissioning a traditional baseload power plant to run on renewable fuel. Its goal is to develop a network of renewable energy projects in Australia that would include hydrogen production facilities producing green hydrogen. The company's first project is the recommissioning and conversion to biofuels of a 146 MW electric baseload power generation plant, where it also intends to co-locate hydrogen fuel production technology to produce green hydrogen. The plant, formerly known as the Redbank Power Station, will be renamed the Verdant Hunter Valley Power Station and will be powered using biomass consisting of wood waste that will initially come from sustainable forestry waste and/or sustainable timber residues. Verdant does not expect to generate revenue until after it completes the planned recommissioning and restart of the Redbank Power Station.
The Sydney, Australia-based company was founded in 2018 and plans to list on the Nasdaq under the symbol VDNT. Verdant Earth Technologies filed confidentially on June 30, 2021. Roth Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
