Greenearth Energy raises $645,000 in placement

Greenearth Energy raises $645,000 in placement Geelong, Victoria/ Australia (source: flickr/ Sandy Austin, creative commons)
Alexander Richter 15 Apr 2011

Australian Greenearth Energy, listed on the Australian Stock Exchange (GER), announces it has raised US$645,000 in a placement of 7.6m fully paid shares to raise additional funds for its current suite of renewable energy projects.

In a release today, Australian Greenearth Energy (ASX: GER) announces it “has raised A$610,000 (US$645,000) through a placement of 7,625,000 ordinary fully paid shares at $0.08 per share to raise additional funds for its current suite of renewable energy projects.

The capital raising was done through Intersuisse Limited.

Greenearth Energy aims to become a leading edge renewable energy company primarily focused on conventional geothermal energy resources while implementing complimentary technologies that have the potential to deliver near and medium term returns.

In November 2010 a ground breaking agreement between Greenearth Energy and Alcoa (ASX: AAI) was signed, in a critical first step towards the establishment of base load renewable energy generation in Victoria.

The agreement with Alcoa was significant as it potentially ticks most of the boxes for Greenearth’s Geelong Geothermal Power Project including site, grid connection, demonstration plant, base load renewable energy offtake and grid connection.

The Greenearth Energy Group now includes subsidiaries whose purpose is to facilitate the successful implementation of aligned technology opportunities domestically and internationally.

A new subsidiary, NEWCO2FUELS Pty Ltd was established during the course of the last quarter as a result of ongoing investigations in the area of CO2 conversion technology.

On January 24 Greenearth subsidiary, Greenearth Solar Energy Pty Ltd, and major shareholder Advance Publicity Limited, agreed on a high profile demonstration site for the ZenithSolar Z20 technology.

Greenearth believes the technology has the potential to efficiently deliver the dual benefits of emissions free power and hot water to a wide range of customers throughout Australia and the wider Pacific region.”

Source: release via Proactive investors