Waste-to-energy developer Patriot Hydrogen is to list on the London Stock Exchange in 2024 to provide capital for UK and Australian expansion.
Patriot has signed a term sheet with merchant bank Cronin Capital and its affiliates to execute a direct listing.
As per the agreement, Cronin will raise pre-listing funding for Patriot to expedite Patriot’s foundation projects in Q4 2023 and lead the go-public financing and listing process in the first half of next year. Following the listing, Cronin will remain mandated as Patriot’s advisor to support its continued growth in the public markets.
Patriot believes the deal will provide it with the early-stage capital needed to commission its first two waste-to-energy plants in the UK followed by Australia in 2024, as well as provide critical project financing for development of its extensive project pipeline across strategic jurisdictions, including Africa, to address local waste problems and convert them into valuable resources such as renewable energy, hydrogen and biochar.
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