Verdant Earth Technologies, which repurposes traditional power plants to run on renewable fuel in Australia, announced terms for its US IPO on Thursday.
The Sydney, Australia-based company plans to raise $50 million by offering 6.3 million shares at a price range of $7 to $9. At the midpoint of the proposed range, Verdant Earth Technologies would command a fully diluted market value of $201 million.
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.
Verdant Earth Technologies was founded in 2018 and plans to list on the Nasdaq under the symbol VDNT. Roth Capital is the sole bookrunner on the deal.
