Renergen Recommissions Helium Cold Box and Investment in Tetra4
- AKAP
- Dec 29, 2023
- 6 min read
During Q3'23, Renergen finally recommissioned and tested the helium cold box after severe delays. The repaired cold box, which faced challenges in sustaining long-term production due to vacuum loss, demonstrated liquefaction and stability after repairs. The company ended the quarter with a cash position of ZAR 81mm (US$4.4mm). Separately, Renergen concluded an investment deal with Mahlako Gas Energy, which is investing ZAR 550mm (US$29.75mm) into Tetra4 Proprietary Limited, the primary asset (Virginia Gas Project) of Renergen. Mahlako Gas Energy will own a 5.5% equity stake in Tetra4 after the investment is deployed for Phase 2 development. Renergen retains a 94.5% stake in Tetra4 and the company's share price has increased ~32% since the news.