Greatcell Solar has provided an update on matters relating to its current financial position.
Greatcell reports that significant progress has been achieved in recent weeks; An agreement has been reached with the Australian Renewable Energy Agency (ARENA) on variations to a previously signed funding agreement, which will result in a payment of $425,000 AUD (around $307,200 USD) to Greatcell.
This milestone-based payment increases the grant payments made by ARENA to date to approximately $575,000 AUD (around $415,700 USD), with a further $5.425 million AUD remaining payable as the Project advances.
New Moonie Petroleum has agreed to acquire the $2.4 million convertible note entered into in late 2017 by Shairco (an associate of Tasnee) and will shortly make the first of 4 equal payments of $600,000 AUD (around $433,500 USD) to occur over the next 12 months.
In relation to the sale of the Company’s material production assets, the second tranche of $200,000 AUD was paid in October 2018, and the new company (Greatcell Solar Materials) is uninterrupted in its operation with reportedly pleasing sales growth. GSL has retained a 50% ownership interest.
The financial commitment from New Moonie in acquiring the convertible note provides improved confidence in relation to the proposal to provide further investment funds of up to $15 million over the next 3 months with the establishment in Australia of their food, water and energy focused infrastructure fund. This will ensure that GSL's Major Area Demonstration prototype project is fully funded.
Once this refinancing has been completed, the Company intends to seek relisting of its securities on the ASX.