Genex Power (GNX) | March quarter update
Working towards Hydro: GNX’s most significant announcement during the quarter was the signing of a binding offtake agreement for Kidston Stage 2 Hydro (K2H) with EnergyAustralia (EA). This has an initial term of 10 years, with two 10-year extension options. GNX has spent $3.6m on the K2-Hydro project in FY20 YTD, with $0.7m spent during the quarter. Financial close on this project is expected to occur in the September quarter, which will see R&D spending fall substantially.