ReNu Energy Limited (ReNu Energy) (ASX: RNE) is pleased to announce that it has agreed to make a cornerstone investment in Uniflow Power Limited.
ReNu Energy has agreed to invest $1.5 million to acquire a 20% initial stake in Uniflow.
The Company will receive free attaching options which are exercisable at the same valuation of this investment. Exercising the options will result in additional investment of up to $4.5 million. If the options are fully exercised ReNu Energy's shareholding will increase to 50% on the completion of key milestones by Uniflow (Uniflow Investment). The Uniflow Investment is subject to satisfaction of various completion conditions precedent, including Uniflow shareholder approval. Commenting on the Uniflow Investment, ReNu Energy Chief Executive Officer, Greg Watson, stated: 'Following ReNu Energy's recent successful capital raising, the proposed cornerstone investment in Uniflow is a notable next step in advancing the Company's clean energy incubator strategy.
The structure of the transaction provides ReNu Energy with an initial strategic stake and the ability to move to a 50% interest on completion of key milestones by Uniflow. With significant interest already expressed in this unique Australian renewable energy technology, we have an exciting six months ahead of us working closely with Uniflow to showcase the technology in Canberra and plan the engineering facility.' ReNu Energy Chairman, Boyd White, added: 'ReNu Energy is in early stage discussions with a number of other renewable energy project and technology developers and expects to progress additional opportunities as part of its clean energy incubator strategy once the Uniflow transaction has completed'
Background - Uniflow opportunity Uniflow is a Canberra based unlisted public company, commercialising a unique, micro renewable energy generator - The Cobber.
The Cobber is a small, externally fired mechanical steam driven microgenerator designed to deliver approximately 4.5kW of electrical power and 20kW thermal energy from a broad range of widely available fuels such as common firewood and pellets, forestry waste, agricultural waste such as nut shells and olive pips, and broken pallets. Much of this waste is often freely available, burned in open fires or left to rot in fields. While biomass to generate heat is well established for both household heating and small enterprises, the uniqueness of the Cobber will be in providing an affordable, off the shelf technology for small (appliance scale) biomass fired electricity generation or combined heat and power (CHP).
The Cobber is Australian invented and owned renewable technology, is patented in Australia and across major identified international markets and has applications in both developed and developing economies. In developing economies it is highly suitable for rural situations with applications in micro economic development, poverty alleviation, remote health and community facilities. This includes addressing UN Sustainable Development Goals (SDG) across clean water and sanitation (SDG 6) and affordable clean energy (SDG 7).
Applications include: As a combined heat and power system producing electricity while providing hot water, space heating with dry air, or drying services, or to make steam for sterilising or distilling water.
As a rotary flywheel to directly drive rotary equipment, such as a fan, cement mixer, compressor, lathe, drill, oil seed mill, pump and other small workshop, food processing or cooking equipment.
As a small off grid or grid connected energy platform for microgrids and battery storage and as an enabler for complimentary small-scale systems, enterprises and community facilities.
It is expected that initial focus for the technology will be in developing economies on small scale combined heat and power, generating electricity for battery charging and direct use, heat for drying and hot water and water distillation. In many applications the Cobber will be able to directly displace fossil fuels including diesel, petroleum, coal and kerosene.
A pre-commercial prototype of the Cobber has been demonstrated in India and an advanced prototype will be operating at a dedicated demonstration site in Canberra in Q3 2021. Coincident with the demonstration, several additional units will be constructed to optimise design parameters and determine the most costeffective way to manufacture and distribute. The Canberra demonstration will showcase the technology to agencies responsible for overseas aid and development, while also demonstrating the system to the diplomatic community in Canberra and providing a reference site for commercialisation opportunities. The demonstration site and engineering facility being planned will test long run fuel efficiency, optimise design for manufacture and begin development of ancillary tools and systems that run off this small-scale energy platform.
Expressions of interest to purchase, manufacture, licence and distribute the Cobber from Southeast Asia and South America have been received by Uniflow some of which are currently being considered as part of the market development strategy for this unique Australian renewable energy technology.
Contact:
Greg Watson
Tel: 61 7 3721 7500
RENU ENERGY LIMITED 
