Renergen successfully listed as a special purpose acquisition company ("SPAC") on the AltX of the JSE Limited ("the JSE") on 9 June 2015 being the first listed alternative energy company on the JSE.
Renergen acquired its first viable asset, Tetra4 Proprietary Limited ("Tetra4") in November 2015 which holds the 187,000-hectare Natural Gas field in Virginia, near Welkom, with proven reserves of 25 billion cubic feet of Natural Gas and Helium as the first and only onshore petroleum (and Natural Gas) right in South Africa.
On 25 November 2015, Renergen and two other parties jointly entered into an investment for a hydro-electric scheme in the Ivory Coast. The feasibility stage of the project is nearing its completion.
An offtake agreement for the Helium from the Virginia gas field was concluded between Renergen, the Linde Group and African Oxygen Limited ("Afrox") on 3 May 2016.
On 19 May 2016 Tetra4 signed an agreement with Megabus Proprietary Limited ("Megabus") to supply compressed Natural Gas to ten of their buses in the Free State.
The first compression site was completed in May 2016 and revenue generation commenced.
Stefano Marani Chief Executive Officer of Renergen commented:
"We have made pleasing progress in the few months since listing on the JSE and we look forward to developing the full potential of our current and prospective alternative energy resources for the benefit of shareholders and all our communities."