Sweetman Renewables has announced an expansion of its three business divisions after the recent closure of multiple deals, putting it centre stage of the green energy revolution. Source: Timberbiz
After a successful pre-IPO raising, the NSW company is expanding its three business divisions of hydrogen production, biomass supply and high-quality timber products.
The company has closed a deal on the purchase of the 100-year-old sawmill business, all assets and real estate at the historic Millfield site in the NSW Hunter Valley.
“Sweetman Renewables is excited to be making tremendous strides towards renewable bioenergy,” Sweetman Chairman John Halkett said. “The purchase of the sawmill business, assets and real estate has consolidated the company’s value-chain and production activities in hydrogen production, biomass and timber supply.
“The company now has the infrastructure to support the acquisition of the Wyong Sawmill contracts. Additionally, we are well-placed to continue to deliver on our 20-year biomass export contract with the Kitakyushu power plant in Japan.
“These activities have fortified our joint venture with Singapore’s CAC-H2 in the establishment of a hydrogen production centre in the Hunter Valley. The commercial benefits of these initiatives are extremely exciting.”
This comes as Sweetman Renewables recently inked a $15 million joint venture with Singapore’s CAC-H2, to establish a hydrogen production centre in NSW’s Hunter Valley.
The company has also secured a deal to take over the contracts of the Wyong Sawmill. This acquisition adds value to Sweetman’s already expansive timber production activities. The company intends to leverage its profitable timber business by vertically integrating biomass supply and hydrogen production.
Recently the company signed a 20-year supply agreement with a Japanese conglomerate over a material supply of lucrative waste biomass. The agreement stipulates that Sweetman Renewables will export 60 thousand metric tonnes per annum of green woodchip to a power plant near Kitakyushu, Japan. This biomass will help power Japan with the renewable fuel of the future.
Additionally, the company is in talks to bring on new non-executive directors who will bring a wealth of experience in the hydrogen and renewables sector.
Sweetman Renewables has three existing divisions: Hydrogen production, Biomass supply and high-quality timber products via Sweetman Renewable Timbers, elevating the company’s current revenue base tenfold.
Earlier this year, Sweetman Renewables announced its intention is list on the ASX with a long-term goal of becoming one of Australia’s largest true green hydrogen producers.
Sweetman Renewables is working in collaboration with Liberty Energy Capital, which has interests in hydrogen and renewable technologies.
