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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Genex Power Limited    GNX   AU000000GNX5

GENEX POWER LIMITED

(GNX)
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Genex Power : Australia's Genex Power clinches investment from J-Power, shares jump

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08/03/2020 | 12:38am EDT

Aug 3 (Reuters) - Australia's Genex Power Ltd said on Monday that Japan's J-Power would invest as much as A$25 million ($17.8 million), finalising a deal that secures funding for Genex's equity component of the Kidston pumped hydro project.

The deal, which had to be renegotiated after delays last year, helps puts the project back on track, and shares in Genex were up 6% on the news.

In March this year, Genex also lined up Energy Australia to buy power from the project, after a failing to reach a similar deal last year.

J-Power will gain between 15% and 19.99% of Genex's enlarged share capital under deal. It will also be able to nominate a director to Genex's board and will provide certain technical services in the operational stages of the project.

Pumped hydro acts like a giant battery, pumping water uphill when energy is abundant and releasing it to create power at night or on a windless day.

Genex's 250 megawatt project, which is being built at an abandoned gold mine in the state of Queensland, is widely seen as a template for projects that could be developed all over Australia at old dams and mine sites.

($1 = 1.4011 Australian dollars) (Reporting by Arundhati Dutta in Bengaluru; Editing by Edwina Gibbs)


Stocks mentioned in the article
ChangeLast1st jan.
ELECTRIC POWER DEVELOPMENT CO. LTD. 1.31% 1551 End-of-day quote.-41.41%
GENEX POWER LIMITED 0.00% 0.185 End-of-day quote.-17.78%
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Financials
Sales 2021 18,4 M 13,1 M 13,1 M
Net income 2021 -1,67 M -1,19 M -1,19 M
Net Debt 2021 300 M 214 M 214 M
P/E ratio 2021 -69,3x
Yield 2021 -
Capitalization 94,6 M 66,7 M 67,4 M
EV / Sales 2021 21,5x
EV / Sales 2022 14,2x
Nbr of Employees -
Free-Float 98,7%
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Mean consensus BUY
Number of Analysts 2
Average target price 0,33 AUD
Last Close Price 0,19 AUD
Spread / Highest target 94,6%
Spread / Average Target 78,4%
Spread / Lowest Target 62,2%
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Managers
NameTitle
James Harding Chief Executive Officer
Ralph Howard Craven Non-Executive Chairman
McGhie Arran Chief Operating Officer
Ben Guo Executive Director & Finance Director
Michael John Addison Non-Executive Director
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