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Local renewable energy company G8 Subsea announces share swap, plans IPO on Nasdaq

Jovi Ho
Jovi Ho • 2 min read
Local renewable energy company G8 Subsea announces share swap, plans IPO on Nasdaq
This implies a total valuation of US$200 million for the Singapore-headquartered renewable energy company.
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Japanese venture company 3DOM is investing up to US$10 million in local renewable energy company G8 Subsea, representing an aggregate stake of up to 5% in the company.

This implies a total valuation of US$200 million for G8. The company plans to explore a Nasdaq listing in mid-2022.

In a share swap, 3DOM SG will issue new shares representing 8% of its enlarged issued share capital in exchange for new shares representing 24% of G8’s enlarged issued share capital.

In addition, 3DOM’s wholly owned subsidiary 3DOM (Singapore) will become the primary supplier of batteries and energy storage solutions for all of G8’s wind, solar and hydro power projects.

As part of the transaction agreement, 3DOM (Singapore) will also provide technology and systems for the monitoring of battery conditions, and appropriate allocation of first-life and second-life batteries for projects, announced the companies on Dec 6.

Founded in 2015, G8 develops and constructs renewable energy projects. Headquartered in Singapore, the group presently has over 2.5GW of renewable energy and subsea transmission projects under development in Asia.

See also: Lithium-ion battery maker 3DOM eyes telecoms market; readies RTO deal with Reenova

Meanwhile, 3DOM (Singapore) and G8 will jointly explore new opportunities for renewable power generation, including thermal power production using biomass-derived pellets, as well as further development of wind, solar, and hydro power generation businesses.

3DOM (Singapore) and G8 will also jointly explore opportunities related to electric mobility, with the goal of establishing a circular system for vehicle battery use.

G8 founder and managing director Gerald Tan says: “We are truly excited about this technological and business collaboration with 3DOM. It enables our Group to offer world-leading solutions for clean energy storage with 3DOM’s breakthrough battery technology. G8 is now able to integrate 3DOM’s battery and fuel cell systems to offer complete and long-lasting energy storage solutions for our commercial and utility clients.”

See also: 3DOM turns to Reenova as new acquirer for US$1 bil RTO deal

“There is great synergy between 3DOM and G8,” says 3DOM (Singapore) representative director and CEO Shusuke Oguro. “We are very pleased for the chance to supply our advanced lithium-ion batteries for G8’s renewable energy storage applications in Singapore and across Asia.”

3DOM was in the news recently for conducting an RTO of shell company Reenova Investments, just two days after scrapping a US$1 billion reverse takeover of RTO of F&B operator Chaswood Resources on Nov 15.

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