NH3 Clean Energy Limited (ASX:NH3) Reports Positive Developments in Quarterly Activities
Quarterly Progress Update
NH3 Clean Energy Limited (ASX:NH3) announced substantial advancements in its quarterly activities report for the period ending December 31, 2024. The company has successfully secured critical commercial agreements and initiated technical work to prepare for the Front End Engineering and Design (FEED) phase of its flagship WAH2 Project by the end of Q1 2025.
Strategic Partnerships and Agreements
Key milestones during the quarter included entering an Indication of Gas Supply with Chevron Australia and signing a Memorandum of Understanding with Australian Gas Infrastructure Group (AGIG) for CO2 transport. These agreements are essential to the project’s aim of supplying low-emission ammonia to Asia’s decarbonising economies.
Financial Update
During the reporting period, NH3 completed a capital raising of A$732,500 through the issue of fully paid ordinary shares. The funds will support the completion of project pre-FEED activities and corporate costs. The company reported a cash position of A$478,000 as of the end of the quarter.
Future Outlook and Regulatory Progress
NH3 anticipates entering FEED by the end of Q1 2025, with aims for a final investment decision by the end of Q1 2026 and production start in early 2029. Regulatory approvals for the project site are in the final stages, indicating a positive trajectory for upcoming project developments.
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