Genex Energy (ASX:GNX) - CEO, James Harding (centre)
CEO, James Harding (centre)
Source: North Queensland Register
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  • Genex Power (GNX) has entered a trading halt as it gets ready to announce a new capital raise
  • The announcement will be released before Monday, August 10, when the trading halt is set to lift
  • The capital raise comes as Genex recently signed a new share subscription agreement (SSA) with J-Power
  • Under the new SSA, J-Power will invest $25 million into Genex for the Kidston Pumped Storage Hydro Project
  • Genex also flagged plans for a big battery project in Queensland
  • Shares in Genex last traded for 26.5 cents per share

Renewable energy company Genex Power (GNX) has entered a trading halt as it gets ready to announce a new capital raise.

The full details of the capital raise will be released once the announcement is made and that’s expected to occur sometime before Monday, August 10, when the trading halt is scheduled to lift.

Today’s capital raise announcement caps off a busy week for Genex, who announced on Monday, August 3, it had entered into a new share subscription agreement (SSA) with J-Power.

Under the new agreement, J-Power will invest $25 million into Genex for the Kidston Pumped Storage Hydro Project, as long as key conditions are met.

Among the conditions is an agreement to get Genex shareholders to sign off on the move, along with the Australian Foreign Investment Review Board.

Another condition is that J-Power’s total stake in Genex is to be limited to between 15 per cent and 19.99 per cent.

Following the SSA announcement, Genex also flagged plans for a big battery project in Central Queensland, dubbed the Como Battery Project.

The company said battery storage would diversify its renewable energy and storage portfolio and build on its existing knowledge of the Queensland energy market.

Before today’s trading halt, shares in Genex were trading for 26.5 cents per share on August 5.

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