BPH Global Limited secured $325,000 in funding during the December quarter, progressing its Indonesian seaweed venture and renewing key R&D partnerships. The company ends the quarter with $226,000 cash on hand and plans a $1 million capital raise at an upcoming EGM.
- Raised $325,000 through placements and convertible notes
- Completed Indonesian seaweed project transaction with joint venture partners
- Renewed R&D consultancy with Gaia Mariculture and partnered with Temasek Polytechnic
- Quarter-end cash balance increased to $226,000 from $113,000
- Plans to seek shareholder approval to raise up to $1 million at February EGM
Funding Momentum and Cash Position
BPH Global Limited (ASX: BP8), a plant-based biotechnology company, reported a productive December quarter marked by successful fundraising and strategic progress. The company raised a total of $325,000 through a combination of placements and convertible notes, including a $100,000 investment from Rajiv Ramnarayan and $125,000 from Australian investors, alongside $100,000 from a Malaysian investor. This capital injection boosted BP8's cash reserves to approximately $226,000 at quarter-end, doubling from $113,000 in September 2024.
Advancing the Indonesian Seaweed Project
A key highlight was the completion of the Indonesian seaweed project transaction with joint venture partners, enabling BP8 to cultivate, harvest, and source seaweed for diverse applications. These include raw seaweed sales in ASEAN markets, bio stimulant products for India, nutraceutical extraction, and pioneering R&D into minerals and biohydrogen extraction for energy industries. This project positions BP8 at the intersection of sustainable agriculture and emerging bio-industries.
Strengthening R&D Collaborations
BP8 renewed its consultancy agreement with Gaia Mariculture Pte Ltd to manage its R&D programs, focusing on innovative technologies such as blockchain for traceability and carbon credit accreditation, phycomining to unlock minerals from seaweed, and AI-enhanced extraction techniques. Additionally, the company entered an outsourcing R&D agreement with Temasek Polytechnic to validate the presence of critical minerals in seaweed grown in polluted waters, a crucial step for its phycomining ambitions.
Bird's Nest Business Development
While the seaweed project takes centre stage, BP8 continues to pursue growth in its bird's nest segment, emphasising the importance of securing quality supply agreements to underpin sales expansion. This dual focus reflects a balanced approach to leveraging its biotechnology expertise across complementary product lines.
Funding Outlook and Operational Continuity
Despite the positive capital inflows, BP8 acknowledges that its current cash runway covers approximately one quarter of operating activities. To address this, the company has scheduled an Extraordinary General Meeting on 17 February 2025 to seek shareholder approval for raising up to $1 million to fund ongoing operations and growth initiatives. The board remains confident in continuing operations based on existing funds and anticipated capital raises.
Bottom Line?
BP8’s next funding round and execution of its Indonesian seaweed strategy will be pivotal for sustaining momentum in 2025.
Questions in the middle?
- Will BP8 secure shareholder approval for the $1 million capital raise at the upcoming EGM?
- How soon will commercial outputs from the Indonesian seaweed project materialize?
- What are the potential market impacts of BP8’s R&D breakthroughs in phycomining and biohydrogen?