Clean Hydrogen Investment
Perth, Oct 11, 2023 AEST (ABN Newswire) - At a BPH Energy Limited (
ASX:BPH) shareholders' meeting held on 21 June 2022 shareholders voted unanimously to approve an investment in hydrogen technology company, Clean Hydrogen Technologies Corporation (Clean Hydrogen). BPH and its 36.1% investee Advent Energy Ltd (Advent), together the Purchaser, subsequently settled for the acquisition of a 10% interest in Clean Hydrogen for US$1,000,000 (8% BPH and 2 % Advent) in July 2022.
The Purchaser had a first right of refusal to invest further in Clean Hydrogen to a maximum of a further US$1,000,000 for an additional 10% interest. The Purchaser has loaned a further US$950,000 under this agreement and the Purchaser and Clean Hydrogen have now executed a Loan Conversion Agreement which will enable the conversion of the US$950,000 loan into the relevant Subscription Shares Tranche 2, representing the Purchaser's further 9.5% interest in Clean Hydrogen.
BPH now has an interest in 2,628 shares (representing a 15.6% interest) and Advent has an interest in 656 shares (representing a 3.9% interest) in Clean Hydrogen.
Clean Hydrogen has also issued 760 share options to BPH and 190 share options to Advent, with an exercise price of USD$3,000 each, exercisable immediately, with the option to convert into shares in Clean Hydrogen expiring ten years from the date of issue.
About BPH Energy Limited
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.
The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.
BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
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