Australia’s NH3 Clean Energy, formerly Hexagon Energy Materials, has raised $710,000 (before costs) to advance its flagship WAH2 ammonia project – a clean ammonia export and bunkering initiative.
The funding was raised via a placement of fully paid ordinary shares to existing shareholders and new investors, including institutional participation, NH3 Clean Energy revealed, adding that the proceeds will assist with:
Chairman Charles Whitfield commented: “I would like to thank shareholders for their ongoing support of the Company and welcome some new shareholders to the register. This funding round has seen the Company continue the trend of attracting new sophisticated and institutional investors to the register that underlines the progress being made. The equity placement achieves a 67% premium to the last placement price while the convertible note conversion has achieved a 25% premium over the share price at the time of issue. This underlines management’s continued focus on delivering progress and value creation on as efficient expenditure as possible as we seek to achieve the final milestones before FID for the WAH2 Project.”
To note, the WAH2 aims to supply low-emission ammonia to the decarbonizing powerhouse economies of the Asia Pacific, including Japan and South Korea. Furthermore, it is regarded as a source of decarbonized “bunker” fuel for powering bulk carriers carrying iron ore from Australia to Asia. The project is expected to start producing ammonia in the second half of 2029.
At the beginning of 2025, NH3 Clean Energy signed a memorandum of understanding (MoU) with the Pilbara Ports Authority exploring the options for the loading and export of 600,000 tonnes per annum (TPA) of clean ammonia from the WAH2 project, and in June 2025, a joint development agreement (JDA) was announced between NH3, Pilbara, and Oceania Marine Energy to establish low-emissions ammonia bunkering operations at the Port of Dampier.