Wasabi takes 12.5% of energy company for $250K

West Perth-based energy company Wasabi Energy Ltd has taken a 12.5 per cent stake in geothermal energy company Greenearth Energy Ltd for $250,000 ahead of its initial public offer, the company has announced.

The full text of a company announcement is pasted below

Wasabi Energy has made a $250,000 investment to take a pre IPO stake of 12.5% Greenearth Energy Limited.

Greenearth Energy Limited is an Australian Geothermal energy company that is intending to explore for and develop geothermal resources in Australia, New Zealand and in the wider Pacific Rim.

Geothermal energy is being increasingly recognised as having the potential to deliver, clean, reliable and renewable energy that is capable of a wide range of uses with very low or no greenhouse gas emissions.

The company has been awarded 3 geothermal exploration permits by the Victorian Government and has issued a prospectus seeking to raise $15 million in an initial public offering and a listing on ASX Limited.