Synertec secures A$22 million in new funding for Powerhouse technology expansion | News Direct

Synertec secures A$22 million in new funding for Powerhouse technology expansion

Synertec Corporation Ltd
News release by Synertec Corporation Ltd

facebook icon linkedin icon twitter icon pinterest icon email icon Melbourne, Victoria | May 09, 2024 03:00 PM Eastern Daylight Time

Synertec Corporation Ltd (ASX:SOP) executive director and CFO David Harris sits down with Proactive’s Jonathan Jackson to discuss how the company has revamped its financial framework by securing a A$15 million debt facility with Altor Capital Pty Ltd and completing a A$7 million equity placement. These financial manoeuvres fortify the company's capital structure, fostering the advancement of its 100% renewable microgrid technology, 'Powerhouse'. This funding follows a robust March quarter where Synertec reported a significant 47% year-on-year increase in group revenue and income, ranging between $4.8 million and $5.2 million. The debt facility is structured in two tranches, with an initial A$10 million available immediately and a further A$5 million pending review after the first tranche is utilised. This arrangement is poised to underpin the capital expenditure for the ongoing deployment of Powerhouse units, which operate on a Build Own Operate Maintain (BOOM) model. These units integrate predictive intelligence solar and battery systems to deliver renewable power. Additionally, Synertec issued A$2.5 million worth of warrants to Altor, enhancing the capital flexibility and supporting the firm’s scalability and market penetration goals. This strategic financial setup not only underscores the bankability of Powerhouse but also aims to elevate Synertec's market position by enabling accelerated deployment of its microgrid solutions across potential domestic and international markets. Furthermore, Synertec continues to expand its engineering services, securing new contracts and supporting innovative technology developments like green ammonia production with Jupiter Ionics, and contributing to infrastructure projects such as the Melbourne Underground Rail Loop.



Contact Details


Proactive Investors


Jonathan Jackson


+61 413 713 744

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