Clean energy technology accelerator ReNu Energy (ASX:RNE) has completed a third tranche investment of $250,000 in battery casing technology developer Vaulta Holdings.
The company reports the $250,000 investment is in addition to the $500,000 equity that was made in two tranches on 13 April 2023 and 13 January 2023, respectively.
The additional investment resulted from the exercise of 50% of the 1 for 1 free attaching Vaulta options that ReNu holds, with a total exercise price of $500,000. The remaining balance of options expire on 13 October 2023.
Now that ReNu has completed the third tranche investment, it holds a 15% interest in Vaulta. Once the fourth tranche is exercised on or before 13 October 2023, the company will increase its stake in Vaulta to 20%.
Funds invested by ReNu will provide capital to scale Vaulta’s manufacturing capability, and target further sales in Australia, along with the Asia Pacific and North American markets.
Since ReNu’s initial investment in Vaulta, the Brisbane-based battery casing technology developer has more than doubled its workforce, secured new customers, enhanced quality through processing ISO9001 certification, and began product certifications for battery standards IEC62619 and UN38.3.
This month, Vaulta’s operations are set to expand to a dedicated manufacturing facility in Northgate, Brisbane at the Advanced Robotics for Manufacturing (ARM) Hub.
Vaulta also reports it has received a ‘strong’ response to its residential expression of interest campaign with battery installations expected to begin in August 2023.
It is continuing to develop its thermally conductive and electrically insular polymer, along with expanding domestic and international sales in the stationary battery storage sector.
For 2023 and 2024, Vaulta plans to evaluate development opportunities in aerospace, road mobility, defence, and consumer products.
ReNu Energy is an ASX-listed company focused on investigating renewable clean energy technology and green hydrogen projects in Australia. The company holds a portfolio of interests in renewable energy-focused companies including Vaulta, Countrywide Hydrogen, Allegro Energy, Enosi Australia, and Uniflow Power.