Australian bioenergy company Delorean Corporation has secured a A$2.2 million strategic investment from LMS Energy, one of Australia's most established biogas operators, through a placement of 24.4 million shares at A$0.09 each.
The deal gives LMS Energy a 9.97% stake in Delorean and brings in a sector partner currently operating more than 70 biogas projects across Australia, New Zealand and the United States.
Proceeds will be directed towards working capital and the expansion of Delorean's bioenergy infrastructure pipeline, which centres on anaerobic digestion facilities processing organic waste into renewable gas and electricity.
Alongside the placement, Delorean will launch a Share Purchase Plan on the same terms, targeting a further A$2.2 million from eligible shareholders in Australia and New Zealand. If fully subscribed, the combined raise would total A$4.4 million.
Delorean Corporation raises A$2.2 million from LMS Energy in strategic biogas placement
