Australian power retailer Zen Energy has secured an AUD 43 million (USD 28.1 million / EUR 26.5 million) investment from Taiwanese renewables developer HD Renewable Energy Co as part of a partnership to develop energy storage and hydrogen projects.
In return for its investment, HD Renewable will acquire 9.7% of newly issued ordinary shares in Zen Energy, bringing the Australian company’s post-money valuation to AUD 443 million.
The two companies will collaborate on energy storage and green hydrogen projects, with a focus on Australia, Taiwan, and potentially other countries, including Japan.
This partnership follows the signing of a cooperation deed earlier this year, which outlines joint efforts to develop renewable energy projects and secure up to 500 MW of offtake commitments.
ZEN Energy CEO Anthony Garnaut commented on the partnership, stating, “Our strategy is to focus on storage asset development and operation to hedge against intermittency of renewable generation.”
