09/05/2017 - 14:49

Zenith to pursue renewable power for resources

09/05/2017 - 14:49

Bookmark

Save articles for future reference.

Shares in Zenith Energy were up 10 per cent to 55 cents after the remote generation operator listed on the ASX today, with the company planning to use the $25 million it raised to move into renewables and microgrid technology.

Board members of Zenith Energy, director Darren Smith (left), managing director Hamish Moffat, executive chairman Doug Walker and executive director Gavin Great.

Shares in Zenith Energy were up 10 per cent to 55 cents after the remote generation operator listed on the ASX today, with the company planning to use the $25 million it raised to move into renewables and microgrid technology.

Nedlands-based Zenith was founded by Doug Walker in 2006, specialising in building and operating power generators for the resources industry.

Mr Walker, now chairman, had previously founded State Power, which was sold in a trade sale to Wesfarmers in 2003.

Zenith has contracts with Chevron Australia, Northern Star Resources and Incitec Pivot, among others.

Mr Walker told Business News there was a significant level of demand among resources players to embrace renewable energy, a market Zenith would be hoping to fulfil.

“Every inquiry we get is: can you integrate some renewables into this,” Mr Walker said.

“(Or) is it cost effective for us to consider renewables yet?

“We are doing that with Peter Bradford’s company, Independence Group, up at the Nova nickel (mine).

“We have our own power station up there, which is under a 10-year contract with Independence and we are planning now to complete an integration of a seven-megawatt photovoltaic farm into our existing power station facilities there.

“The resources industry are very focussed on how we can integrate hybrid systems into the conventional traditional (power projects).”

A further opportunity would be provision of microgrids on the east coast, he said.

Such grids are localised electricity networks that can disconnect from major grids and operate independently, with a number currently under development in Western Australia, including in the town of Onslow and on Garden Island.

Euroz Securities was lead manager for the public offering, while Steinepreis Paganin was the legal representative.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options