Australia's Global Energy Ventures (GEV) has banked AUD 6.3m ($4.9m) through a share placement to move forward its plans for innovative new gas carriers.
The Sydney-listed company said it had received strong support from "new institutional and sophisticated investors" for the sale.
The deal was priced at AUD 0.10 for each of 63m shares, a 20% discount to the last traded price of AUD 0.125.
The cash will go towards developing its CNG Optimum compressed natural gas carrier business, and the design work for the C-H2 compressed hydrogen vessel.
GEV chairman and chief executive Maurice Brand said the company also received backing from existing institutional investors.
"The company is now comfortably funded to continue with business development opportunities for CNG Optimum and to support an accelerated development programme for the new C-H2 supply chain and ship for the hydrogen economy," he added.
Global interest
Brand said there is continuing global interest in both onshore and offshore loading and export applications for hydrogen.
PAC Partners and KG Capital acted as joint lead managers in the transaction and will receive a fee equal to 6% of the total raised.
Earlier this month, GEC signed a cooperation agreement with Canada's Ballard Power Systems to develop a fuel cell for the C-H2 vessel.
The companies said work will take place to power the ship using compressed hydrogen from the vessel's storage tanks, providing a zero-emission marine transport supply chain.
GEV completed its C-H2 design in December.
The proposed vessel will have a 2,000-tonne (23-cbm) capacity, which GEV described as "large".
