Zen Energy attracts USD 28m investment from Taiwan’s HD Renewable

Australian power retailer Zen Energy will receive a AUD-43-million (USD 28.1m/EUR 26.5m) investment from Taiwanese renewables developer HD Renewable Energy Co (TPE:6873) as part of a partnership focused on the development of energy storage and hydrogen projects.

HD Renewable will receive 9.7% of newly-issued ordinary shares of ZEN Energy in return for its investment The transaction values the Aussie company at AUD 443 million on a post-money basis, it said on Friday.

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In their partnership, ZEN Energy and HD Renewable will work to develop energy storage and green hydrogen projects, targeting Australia, Taiwan and potentially other countries, including Japan. The collaboration between the two firms follows the signing of a cooperation deed in the summer that involved developing energy storage and renewable hydrogen projects, as well as up to 500 MW of offtake commitments.

“Our strategy is to focus on storage asset development and operation to hedge against intermittency of renewable generation [..],” said Anthony Garnaut, ZEN Energy’s CEO.

(AUD 1.0 = USD 0.654/EUR 0.616)