QPM Energy’s $7M SPP Boosts Isaac Power Station Push
QPM Energy has successfully raised $7 million through an oversubscribed Share Purchase Plan, significantly exceeding its initial $2 million target to accelerate key gas power projects in Queensland.
- SPP oversubscribed, raising $7 million versus $2 million target
- Approximately 226 million shares issued at 3.1 cents each
- Funds to accelerate Isaac Power Station engineering and procurement
- Additional capital supports gas supply growth near Moranbah Gas Project
- Share allotment set for 24 July 2025, trading from 25 July
Strong Shareholder Support
QPM Energy Limited (ASX, QPM) has closed its Share Purchase Plan (SPP) with a remarkable outcome, raising approximately $7 million; more than triple its original $2 million target. This oversubscription reflects robust shareholder confidence in QPM’s strategic direction and growth prospects within Queensland’s energy sector.
Accelerating the Isaac Power Station
The additional capital will be directed primarily towards advancing the Isaac Power Station (IPS), a pivotal gas-fired power project positioned to play a critical role in Queensland’s energy transition. Funds will expedite detailed engineering, tendering, contracting strategies, grid connection activities, and procurement of long-lead items essential for the project’s timely development.
Supporting Gas Supply Expansion
Beyond the IPS, QPM plans to leverage the capital to pursue further gas supply initiatives near its Moranbah Gas Project. This expansion aligns with the company’s broader ambition to consolidate its position as a growing energy utility, capitalizing on the increasing demand for reliable gas-fired generation as a complement to renewable energy sources.
Share Issuance and Market Impact
Under the SPP, QPM will issue approximately 226.1 million new shares at 3.1 cents each, with allotment scheduled for 24 July 2025 and trading commencing the following day. The company has implemented a scale-back mechanism to ensure equitable allocation among shareholders, with any excess funds to be refunded without interest.
CEO Perspective
CEO David Wrench expressed gratitude for the strong shareholder support, emphasizing the strategic importance of gas-fired generation in Queensland’s energy landscape. He highlighted the IPS as a flagship project that will underpin QPM’s growth and contribute meaningfully to the region’s energy security during the ongoing transition to cleaner energy sources.
Bottom Line?
QPM’s oversubscribed capital raise sets the stage for accelerated project delivery and a stronger foothold in Queensland’s evolving energy market.
Questions in the middle?
- What are the updated timelines for key milestones at the Isaac Power Station?
- How will the scale-back affect individual shareholder allocations and future liquidity?
- What are the prospects and timelines for the additional gas supply initiatives near Moranbah?
