Greenpower Energy (ASX:GPP) has raised A$500,000 to put the company in a position to be able to continue funding its existing asset portfolio – mainly focused on coal to liquid and chemical conversions – and review new opportunities.
Greenpower has also intends launching a renounceable rights issue to raise about $650,000, details of which will be sent to shareholders.
The major activity of Greenpower over the past four years has been coal to liquid and chemicals conversions, where the company is in the business of developing industrial enterprises which convert coal to transport fuels and other useful chemicals in an environmentally conservative manner.
Greenpower also holds mining tenements in Victoria’s Latrobe Valley which contain substantial lignite tonnages, but the company is not developing or producing from them presently.
Greenpower and Monash University last year received funding support from the Commonwealth Government supporting their brown coal to agriculture and bio-diesel products research.
The company has exclusive Australian rights to the Oxidative Hydrothermal Dissolution (OHD) process developed by U.S. company Thermaquatica.
Monash University researchers have now begun programs to develop commercial utilisation of output from the OHD reactor.
This is focused on developing an agricultural biostimulant, a source of carbon for soil as well as a related program as a source of lipids for bio-diesel production.
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