ReNu Energy Limited (ASX: RNE) has completed a third tranche investment of $250,000 in battery casing technology company Vaulta Holdings Pty Ltd.
The $250,000 investment is in addition to the $500,000 equity investment in Vaulta that occurred in two equal tranches of $250,000 on 13 January 2023 and 13 April 2023. The additional investment resulted from the exercise of 50% of the 1:1 free attaching Vaulta options that ReNu Energy holds with a total exercise price of $500,000. The remaining balance of options expire on 13 October 2023.
Following completion of the third tranche investment, ReNu Energy holds approximately 15% of Vaulta’s issued share capital. The exercise of the remaining options on or before 13 October 2023 for $250,000 will increase ReNu Energy’s interest in Vaulta to approximately 20%.
The funds invested by ReNu Energy will provide Vaulta the capital required to scale its manufacturing capability and target further sales domestically and into the Asia Pacific and North American markets.
Vaulta developments
Since ReNu Energy’s initial investment Vaulta has more than doubled its workforce, acquired new customers, enhanced quality through progressing ISO9001 certification (quality management system) and commencing product certifications for battery standards IEC62619 and UN38.3.
During July 2023 Vaulta’s operations will expand to a dedicated manufacturing facility in Northgate Brisbane at the ARM Hub (Advanced Robotics for Manufacturing Hub).
Vaulta has also received a strong response to its residential expression of interest campaign with battery installations expected to commence from August 2023. It continues to develop its thermally conductive and electrically insular polymer and garner international interest. As well as expanding domestic and international sales in stationary battery storage, Vaulta’s plans for 2023/24 include evaluating development opportunities in aerospace, road mobility, defence and consumer products.
Vaulta’s patented no-weld design means modules can be easily assembled and disassembled, cells replaced, reused and recycled.
The Vaulta investment is the fifth in ReNu Energy’s portfolio of renewable and clean energy investments and provides the company with exposure to a technology solution that reduces the creation of battery waste.
