Renewable Electricity / Page 2

ZEN ENERGY SUCCESSFULLY COMPLETES $160M CORPORATE DEBT RAISING

22 March 2024

Australia’s first 1.5°C energy company has successfully completed its debt capital raising. The outcome confirms increasing interest and confidence among high net worth and institutional investors in ZEN’s business strategy.

ZEN’s ambitious growth plans have been supported by organisations including private debt investment manager Longreach Credit Investors, ethical superannuation fund Future Group, ASX listed financial service provider Income Asset Management (IAM), leading WA property investment firm Hesperia, Samuel Terry Asset Management and impact investors.

ZEN closed Tranche A of the capital program at $54M in September 2023. The successful conclusion of the Tranche B capital raising closed the overall program at $160M. This comes just after ZEN’s announcement that it has reached financial close on its 100% owned energy storage asset, a 111-megawatt, 291 megawatt-hour battery located at Templers, 60km north of Adelaide.

A third of the funds raised were from existing investors, shareholders, and employees, demonstrating the depth of support for ZEN’s business model.

Investor confidence in ZEN enables the business to continue to pursue its ambitious growth plans, which centre around enabling large energy users to reduce their carbon footprint in an efficient manner.

Quotes attributable to ZEN’s CEO, Anthony Garnaut:
“We welcome the latest group of institutional and impact investors, including Longreach and Future Group, into ZEN’s ecosystem of partners with aligned sustainability goals.

“Meeting our capital raising goal means we can continue to scale our business model, including by taking the next step in building out our portfolio of renewable energy and storage assets.

“With this injection of capital, ZEN will also be able to scale our existing and attract new sustainability driven customers, accelerating their journey to the zero carbon future.”

Quotes attributable to Longreach Credit Investors Chief Commercial Officer, Alex Nisbet: “Longreach Credit Investors is pleased to have supported ZEN in this debt raising. ZEN is well positioned to be a key player in driving the renewable energy transition in Australia and is another example of the high-quality Australian businesses and management teams that we seek to partner with.”

Quotes attributable to Future Group Executive Director Investments, Sharon Davis:
“Future Group injected $30M of capital into ZEN Energy, enabling the business to retain 100 per cent ownership of its first major asset, the 291-megawatt-hour Templers Battery in regional South Australia.

“Using superannuation’s $3.4 trillion can unlock climate solutions and investments. Zen Energy’s ESG-driven business reflects the values of Future Group’s, leading the investment movement to advocate for a future worth retiring into.”

Quotes attributable to Income Asset Management (IAM) Executive Director – Debt Capital, Tim Smith:
“IAM is a proud supporter of ZEN’s ambitious renewable energy strategy and have been delighted to be a joint lead manager on this transaction. We believe it is a significant milestone in the context of Australia’s rapidly evolving private credit market. This transaction is a testament to the ZEN management team and a large step toward achieving its long-term aspiration of becoming an investment grade issuer.”

Media contact:

Paul Sheridan
0410 516 656
paul.sheridan@zenenergy.com.au

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Renewable Electricity / Page 2

SOUTH AUSTRALIA’S 2ND BIGGEST BATTERY STORAGE TO BOOST RELIABILITY

19 March 2024

Construction of South Australia’s second largest energy storage project will boost reliability of electricity supply as the state leads the way nationally to become powered by 100 per cent renewable energy by 2027.

Local business success story ZEN Energy today announced with the South Australian Government that construction of the 111-Megawatt, 291 Megawatt-hour battery will commence at Templers, 60km north of Adelaide, following a final investment decision, or financial ‘lock up’ milestone.

ZEN and private partner investors are financing the project. Local employment will be a priority during construction, with more than 180 jobs being created. The battery will be operational in 2025.
The Templers battery will also add significant stability to the electricity grid as South Australia builds toward becoming a renewable energy superpower through its investments in green manufacturing.

ZEN has quickly grown since it began in 2004 to become a leading national renewable energy retailer, supplying the SA Government, Bunnings, and CSIRO, as well as a network of councils in the eastern states.

Other key points:

ZEN’s ability to construct the battery has been enabled through the South Australian Government’s commitment to a long-term energy contract with the company.
ZEN has brought together an extensive ecosystem of sustainability driven partners – which includes Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets, through its portfolio company Peak Energy and French financial institution Natixis CIB. ZEN was advised by corporate advisory firm Azure Capital.
Stonepeak’s funding through an innovative structure has facilitated ZEN’s ownership of the Templers Battery, with opportunities to extend the support as ZEN delivers against its significant pipeline of renewable assets.
Ethical superannuation fund Future Super recently invested $30 million in ZEN, which is integral to projects like the Templers battery.
Consolidated Power Projects Australia will be completing the engineering design and installation. Sungrow Power Supply Co. and Shanxi Electric Power will be providing relevant equipment for the construction of the Templers battery.
ElectraNet, the owner and operator of South Australia’s high voltage transmission network will build and maintain the dedicated connection to the Templers battery

Quotes attributable to the Minister for Energy and Mining, the Hon. Tom Koutsantonis MP: “South Australia led the pack when we invested in the Hornsdale Power Reserve, and our state is now home to six grid-connected batteries with a total capacity of more than 500MW.

“These investments are a big vote of confidence in our state’s ambitious plan to get to net zero emissions in energy production by 2027, and to help the world along the pathway to decarbonisation.”

“Like South Australia, ZEN was an early mover in the renewable energy space. It’s great to see a home-grown success story joining us in the journey to a decarbonised economy.”

Quotes attributable to ZEN Energy CEO, Anthony Garnaut:

“Realising the final investment decision for the Templers battery is a key milestone in ZEN’s significant growth and marks our first 100 per cent owned major asset, in the state where we started.”

“The South Australian Government, through committing to a long-term contract with a renewable retailer has enabled this significant investment in further stabilising the supply of renewable, affordable energy into South Australia.”

“Commitment and support from our capital partners including Stonepeak, Natixis Bank, Future Super and other leading institutions including Longreach, IAM (Income Asset Management) and Azure capital enables ZEN to continue to bring more renewable assets to the Australian grid and in South Australia.”

“Through enabling an eco-system of renewable energy suppliers, the South Australian Government continues to shore up investment growth into the state.”

Media contact:
Paul Sheridan
0410 516 656
paul.sheridan@zenenergy.com.au

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Renewable Electricity / Page 2

ACCIONA ENERGÍA DOUBLES DOWN UNDER WITH ZEN

22 February 2024

The world’s largest 100% renewable energy company, ACCIONA Energía, has doubled down on its relationship with Australian-owned ZEN Energy, signing a second 10-year energy offtake deal from the Waubra Wind Farm in the central highlands of Victoria.

At its peak, the new agreement increases ZEN’s acquisition to over 70% of the total renewable energy produced by the Waubra Wind Farm, elevating its annual offtake to approximately 400,000MWh.

The Waubra Wind Farm, with a capacity of 192MW, is a critical asset in Victoria’s network of renewable energy infrastructure.

Commencing in January 2024, the agreement bolsters the original offtake that began in 2022 and sees ZEN’s partnership with ACCIONA Energía continue until at least December 2033.

“This new agreement underscores our commitment to long-term, sustainable growth and the role we play in Australia’s renewable energy sector. By securing 400,000MWh per year, we are doubling down on our partnership with ACCIONA Energía, supporting our growth plans and our customers on their journey to 100% renewables,” said Anthony Garnaut, CEO of ZEN Energy.

The enduring partnership with ACCIONA Energía manifests ZEN’s resolve to support large-scale renewable developments and the delivery of sustainable power to its customers.

“Demand for renewable energy from commercial partners continues to grow as businesses respond to shareholder and customer expectations,” said ACCIONA Energia Managing Director Brett Wickham.

“Partnerships with ZEN are critical for businesses such as ours and help underwrite investment in future domestic renewable energy projects and deliver upon the energy transition,” said Mr Wickham.

This deal acts as a catalyst for ZEN’s further diversification and strengthening of its renewable energy portfolio, as part of its sustained growth strategy. It illustrates an enduring partnership ethos and signals confidence in renewable infrastructure investment as a mechanism for leadership in the transition to a zero-carbon world.

About ACCIONA Energía

ACCIONA Energía is the largest 100% renewable energy company with no fossil legacy in the world. It has 12.9GW of renewable energy and commercial operations in 20 countries. With 30 years of experience, ACCIONA Energía offers a complete portfolio of tailor-made energy solutions for its corporate and institutional clients to meet their decarbonization goals. ACCIONA Energía is committed to the highest environmental, social and corporate governance (ESG) standards. ACCIONA S.A., a leading global company in the provision of regenerative solutions for a decarbonized economy, is the reference shareholder of ACCIONA Energía. www.acciona-energia.com

Renewable Electricity / Page 2

SEEK moves to 100% renewable energy with ZEN Energy

13 January 2024

SEEK’s Australian operations will be 100% powered by renewable energy in a new partnership with ZEN Energy. From July 2024, the partnership will see SEEK’s domestic operations supplied by renewable energy from three wind farms in regional Victoria. SEEK has also committed to purchase further renewable energy certificates each year, which will contribute to reducing its energy emissions across its international operations in New Zealand, Asia and Latin America.

The Renewable Energy Certificates, which are traceable under Australia’s Renewable Energy Target program and overseen by the Australian government’s Clean Energy Regulator, support SEEK’s Climate Active certification and goal of achieving net zero emissions.

“SEEK’s target is to achieve net zero across all emissions scopes by 2030. We are also committed to 40% emissions reduction across all scopes by 2025. Partnering with ZEN Energy to transition to renewable energy across our office operations will be a significant step towards achieving these goals” said Kate Koch, SEEK’s Chief Financial Officer.

As a result of switching to 100% renewable energy and purchasing renewable energy certificates, SEEK is supporting Australia’s transformation to a net-zero economy and will be reducing its carbon impact by approximately 1,000 tonnes of CO2e annually.

In addition to SEEK’s commitment across their office operations, Cremorne Properties, landlord of SEEK’s global headquarters in Melbourne, has also committed to 100% renewable electricity for the base building from July 2024.

“Australia’s success in the energy transition is underpinned by the actions that we all can take. To have a company like SEEK take steps in Australia to create change is inspiring,” said Anthony Garnaut, CEO ZEN Energy.

Supply of renewable energy will commence with ZEN Energy from July 2024.

-ENDS-

About SEEK
SEEK is a global leader in online employment marketplaces, helping people live more fulfilling and productive working lives and helping organisations succeed.

SEEK has an international presence that spans Australia, New Zealand, South-East Asia, Brazil and Mexico, and has minority investments in China, South Korea and a number of other countries.
SEEK’s platforms are used by approximately 60 million candidates worldwide, we have relationships with over 450,000 hirers and exposure to around 900 million people.

For more information on SEEK’s sustainability approach, visit SEEK’s Sustainability page.

Renewable Electricity / Page 2

Nov 27, 2023.

All you need to know about Australia’s most purpose-driven business conference.

ZEN was delighted to sponsor the Purpose Conference for the first time earlier this month. Held in Sydney at the beautiful Carriageworks Art Centre in Eveleigh, we were heralded with inspired ideas and inspirational speakers on engaging with the new world economy.

Since 2015, Purpose has explored and amplified the growing momentum of ethical, regenerative and socially impactful business.

Highlights from the event.

We are Warriors

Indigenous musician and host of Triple J’s ‘Blak Out’, Nooky focused on the value in inspiring youth through the way that we show up. His story, told with inimitable chutzpah, was deeply moving – a timely reminder of how far we have come as well as how far we have to go with Indigenous engagement. Nooky’s story of meeting his business partner and wondering if it was ‘just another guy who wanted a smoking ceremony for his office’, was very funny but also motivated us to reflect on how much deeper we need to take our relationship with Indigenous communities.

We are Warriors’ catch cry of ‘See it. Be It.’ It is a challenge on the value of role models as well as the engagement and inspiration that the creative arts can provide.

Indigenous Designed Finance – Regenerative Finance.

Paul Girrawah House and Chris Andrew from the Waluwin Foundation provided insight into the way that we farm in Australia and how banks traditionally finance in this sector. The poignant words ‘We farm the way we finance’ highlighted the degradation that we can impose on our precious land through the pursuit of profits to meet the burden of debt; as opposed to working the land with respect to the weather cycles and mother nature. The team is working with Emeritus Professor Bruce Chapman to design a new economy focused financing model to enable our land to flourish.

Lee Schofield – Future for Now.

Lee gave us some fascinating insight into the world of generative AI. Quoting Yoval Noah Harari:

“In a political battle for minds and hearts, intimacy is the most efficient weapon, and AI has just gained the ability to mass-produce intimate relationships with millions of people.”

Lee reminded us that we are moving away from the attention economy and into the intimacy economy. She introduced us to the frontier conversational AI – Pi.Ai and noted that she loves to brainstorm with Pi.

She also took us through the 28 AIs (now in Beta) that have been launched by Meta. While silently chuckling at the ‘celebrities’ who have allowed Meta to use their face – deeper questions are at play. When this AI steps out of beta, up to 3.88B subscribers to Meta platforms will be able to have their own AI character. What does this do for engagement with your firm? Do these characters count as people if they are ‘owned’ and managed by people? How do you know who you are dealing with on social media?

This is another way that TRUTH will be tested across the globe.

The best tip – which we have embraced – from Lee was to use PerpexityAI instead of Chat GPT – because Perplexity actually provides its references. The truth is out there.

Desiree Fixler, Whistleblower and ESG Expert.

Desiree delivered an incredible keynote about her journey to blowing the whistle on Deutsche Bank Asset Management’s false ESG claims. Her actions resulted in a series of investigations, fines and a global re-focus on how organisations report on ESG. She highlighted that the firm’s risk assessment tool was not good enough, that they were making claims like ‘ESG is at the heart of everything that we do’ and ‘in our corporate DNA’, reminding us of the need for excellent governance and risk frameworks in this space.

Desiree noted that close to €200B of European funds have been reclassified from ‘dark green’ products to ‘light green’ as a result of her actions. A brave woman who took on a great deal of personal risk to highlight these issues.

There is a big lesson for us all here. Next economy governance is about culture and structure. And building a defensible narrative.

Dr Toby Parkes – Rhizocore

Dr Parkes introduced us to Mycorrhizal networks. Using our new friend, Perplexity AI – we note that:

A mycorrhizal network, is an underground network found in forests and other plant communities, created by the hyphae of mycorrhizal fungi joining with plant roots. This network connects individual plants together, allowing for the exchange of nutrients, signalling compounds, and infochemicals between connected plants.

Dr Parkes informed us that 13.2Gt of carbon passes through mycorrhizal networks annually and that they offer 60% greater absorption than non-mycorrhizal trees, they grow 20-50% faster and 25-60% of carbon is transferred into the fungal biomass and roots.

He made a super interesting comparison of traditional carbon capture and storage where carbon is captured, transported along pipes, and stored in old sinks that have previously been used for activities like mining. He noted that trees with mycorrhizal networks can capture carbon, the roots of these trees can transport the carbon (replacing pipes) and the soil becomes the store. World Soil Day is on December 5 and feels like a good time to contemplate the ability of soil to create a carbon sink!

Rhizocore is building a gene bank of fungal species based on their ecological traits that link them to forest productivity. They are preserving the gene bank and treating it like the valuable biological asset that it is. They are then capturing data on the growth stimulation of the trees that they inoculate with the genes to determine the best strains. Using advanced liquid fermentation techniques, they can grow the fungal mycelium at scale and pelletise them for distribution.

Dr Parkes highlighted that there are multiple benefits of this technology spanning forest health, water health and human health (through potential pharmaceutical discoveries). Mushrooms are certainly the new gold.

MCi Carbon – Sophia Hamblin Wang.

Sophia introduced us to the amazing work that the team at MCi Carbon has done developing a technology that safely captures and converts industrial CO₂ emissions into solid bulk materials that can be used in new low-carbon products for construction, manufacturing, and consumer markets, ultimately enabling the circular economy.

The team won the #1 CleanTech’ at COP26’s Clean Energy Start-up Pitch Battle in Glasgow. There were 2700 global solutions pitched in that battle! In a great example of a public private partnership, MCi Carbon was formed through collaboration with the University of Newcastle and Orica.

Sophia introduced us to ‘Myrtle’, their second plant which will be built in Newcastle, NSW. When Myrtle is complete, she will be the world’s first multi-purpose carbon plant. MCi Carbon will be able to take any source of CO₂ emissions and mineral-based feedstock and react them together to create new construction materials.

ENDS.

Renewable Electricity / Page 2

Insights from the AFR Energy & Climate Summit 2023.

Oct 16, 2023.

Held over two days, the theme of this year’s Australian Financial Review Energy & Climate Summit was ‘Crunch time for the transition”.

The Australian Financial Review Energy & Climate Summit is the nation’s leading platform that features political leaders, regulators, energy producers, disruptors, and industry insiders to address the questions, challenges and opportunities of Australia’s transformation to renewable energy towards a net-zero economy.

Here are some of the key headlines from the summit:

Regulators, producers, and users all agreed the country’s energy transition has fallen well behind the national target of 82 per cent renewables by 2030, which underpins the federal government’s legislated 43 per cent emissions reduction commitment.
Businesses and governments reinforced that community support and earning a social licence remain critical to project success. There was also agreement all can do better, including addressing the ‘power imbalance’ that communities experience.
The federal government will set a 2025 emissions reduction target, most likely during the 12 months leading up to a 2025 federal election. The deadline for the target is Feb 2025.
Community energy resources are an untapped solution to realising the renewable transition: as much as 20GW of household generation could help secure the grid.
Long-duration storage was repeatedly raised, and the director-general of Queensland’s Department of Public Works and Energy said “batteries would be more than double the cost of pumped hydro to achieve its storage goal”.
Nuclear energy continues to split business and politics. Many said it should remain on the list of options, but nearly all agree it should not be at the expense of renewables.
NSW, Vic, and federal governments agree: Putting new transmission lines underground would be prohibitively expensive ‘in most cases’.
A carbon tax would boost chances of reaching 2030 targets: There’s an economy-wide revenue-neutral carbon tax-sized hole in Australia’s climate plans.

They had their say tag

Daniel Westerman, CEO of AEMO.

“When the next generation looks back in 25 years’ time, I hope they’ll see we collectively rose to the challenge and created an energy system fit for Australia’s net-zero future.”

Full AFR 2023 speech.

Chris Bowen, Federal Minister for Climate Change and Energy.

No coal fired power station has been built since 2009 and no more will.
2022 ISP found that Step-Change was the most likely pace of change.
Green hydrogen industry key to becoming export superpower.
Announced ARENA is opening the first stage of the Hydrogen Headstart program through a two-stage, competitive process: initial Expression of Interest Stage open until 10 November 2023.
Underground transmission would be prohibitively expensive “in most cases”.
Hume Link: 50% of landholder agreements now secured.

Full AFR 2023 speech.

Anna Collyer, CEO of AEMC, championed the role of CER in the transition.

Clare Savage from the AER maintained a focus on the threats/risks to affordability for consumers because of the pace to get to scale in the transition.

Madeleine King, Federal Minister for Resources.

A new definition for critical minerals is on its way next year, and could include coking coal, bauxite, iron ore, as well as copper and nickel on the list.
Focused on critical mineral projects and emphasised that improvements in approvals is needed.

Full AFR 2023 speech.

Ted O’Brien, Opposition spokesperson for Climate and Energy.

Full AFR 2023 speech.

ENDS.

ZEN ENERGY RAMPS UP ITS GREEN IRON INITIAVE

21 July 2023

ZEN Energy has announced its intent to make Green Iron and Green Iron co-product manufacturing real in Australia. ZEN’s Green Iron Initiative will enable a successful, commercial scale green iron plant in Australia, with an initial focus on South Australia, on an early timetable.

“ZEN’s team is identifying the best green iron process solutions for Australia. We are seeking, through targeted partnerships, to help supply the renewable electricity, green hydrogen, materials, process and site requirements for the earliest successful green iron plant development”, said ZEN CEO, Anthony Garnaut. “Preferred sites in South Australia and in Western Australia have been identified, with access to renewable power at globally competitive rates, as well as transport, utilities and feed materials”.

Last year, the global steel industry produced close to 2 billion tonnes of steel, releasing over 3.5 billion tonnes of carbon dioxide emissions, about 9 percent of global emissions. Most of these emissions are released during the ironmaking stage.

Australia contributes approximately 28% of the iron ore and 6% of the metallurgical coal used in world steel production. Most major steel producers have committed to net zero carbon emissions by 2050 or sooner. “Within this changing landscape, Australia is well placed to be a leading producer of green iron at the scale needed to support a globally competitive, low emission business ecosystem”, added Garnaut.

The critical, immediate requirement to enable the production of green iron and co-products is the reliable supply of substantial amounts of renewable electricity, which is used to create green hydrogen as the primary reduction agent in place of fossil fuel sourced agents, as well as for direct use in the process. ZEN has the expertise to develop staged solutions for firmed renewable energy supply that meets the requirements and timelines for this project.

“We have established networks with operating renewable assets, as well as critical stakeholders across the globe needed for renewable asset development. ZEN has already executed innovative agreements, enabling us to optimise renewable assets performance within Australia”.

ZEN is actively exploring many potential approaches as part of the Green Iron Initiative. These include process options at different levels of technology readiness, that vary in the absolute through-process carbon mitigation potential. These options differ also in the inputs and feed material types and grades, as well as the process efficiency, output rate and form of products made.

While the Green Iron Initiative is technology agnostic – it is not yet clear what are the most efficient pathways to produce green iron at scale – ZEN is currently evaluating a novel green iron process route, incorporating renewable electricity and green hydrogen in an electric smelting furnace step, using a variety of potential Australian sourced ferrous feeds. Theoretical process design calculations have been performed and are being validated through pilot scale test work and an intellectual property application has been lodged. This work is being undertaken by ZEN and builds on a collaboration between Mr. Wang Jun (with more than 40 years steelmaking experience) and Mr. John Tsalapatis (General Manager of ZEN’s Green Iron Initiative, who has over 35 years of ironmaking experience), and metallurgical research conducted by a pre-eminent research institution.

MEDIA RELEASE

Renewable Electricity / Page 2

Green Iron: A Sustainable Steel-Making Process

Green Iron is a description for sustainable processes under development, many that use renewable electricity and green hydrogen (instead of coal or natural gas and other fossil fuels), to convert iron ore into iron products that can then be used to create high-grade steel. These processes have the potential to reduce steelmaking carbon emissions by over 90% compared to fossil-fuel-based steelmaking processes. Traditional steel-making processes are highly carbon-intensive and contribute significantly to global carbon emissions. Steel production globally is currently responsible for approximately 8% of yearly human-derived carbon emissions. It is a key component in many industries and activities around the world, while the demand for steel will continue to grow. The Green Iron technologies offer innovative solutions to reduce the carbon footprint of steel production and promote sustainable development. For Australia, a country rich in iron ore deposits and the major exporter of iron ore globally, this equates to a significant opportunity to transform the Australian economy and become a superpower in the zero-carbon economy.

Liquid steel is poured from a metallurgical ladle.

Green Iron Process

At present the main Green Iron-processes being pursued utilise renewable energy and hydrogen to convert iron ore into iron. The processes involve the reduction of iron ore to iron using hydrogen gas, followed by the conversion of iron into steel using an electric arc furnace. The hydrogen required for these processes is produced using renewable energy sources such as wind and solar power, creating what is known as “green hydrogen.” This makes the Green Iron process routes a sustainable, near zero carbon emission feed for steel-making processes around the world.

The traditional steel-making process involves the use of coal made into coke, also natural gas and other fossil fuels to heat and reduce iron ore to iron, producing large amounts of carbon emissions. The major Green Iron processes underway use renewable energy and hydrogen instead, resulting in significantly lower carbon emissions. These processes eliminate the need for coal in iron production, offering a sustainable steelmaking solution for the future.

Opportunities for South Australia

South Australia is in a unique position to benefit from these innovative technologies. The state has access to abundant renewable energy sources such as wind and solar power and the capacity to build even greater renewable energy capacity. Green Iron creates an opportunity for South Australia to diversify the state economy while reducing the carbon footprint of steel production.

South Australia has recognised the importance of green hydrogen and has developed a plan to establish the state as a leader in this field. The plan includes the construction of a massive hydrogen electrolyser, which will be one of the largest in the world. The South Australian government has stated that the project will:

enhance South Australia’s grid security, through new dispatchable generation
prove hydrogen production and generation technology at scale
help unlock a pipeline of renewable energy developments and associated manufactory opportunities
catalyse other hydrogen projects in development, including export-focused projects
support South Australia’s continued clean energy transition and decarbonisation.

Some uses could include fuel for transport, conversion to other green chemicals and exported to international markets and being utilised in manufacturing sustainable steel through green iron production.

The 250MW green hydrogen electrolyser which is set to be built in the Upper Spencer Gulf is expected to create over 2,000 jobs during construction and drive clean energy growth in the region.

Benefits of Green Iron

The Green Iron process offers several benefits, including:

Reduced Carbon Emissions: The use of renewable energy and green hydrogen to produce steel could decrease steelmaking process carbon emissions by over 90%, making these new process routes more sustainable and environmentally friendly alternatives to traditional steel-making processes.
Diversification of Economy: The Green Iron technologies offer an opportunity for South Australia to diversify its economy by creating new green product streams, industries and jobs. This would promote circular economy sustainable development for the state, Australia and the world.
Export Green Iron products: Making use of South Australia’s abundant renewable energy opportunities to produce green iron products will enable SA to export these products as feed inputs to other steel-producing nations that cannot create the green iron themselves and will significantly help reduce global emissions in-line with limiting global warming to 1.5°C.
Promotes a Clean Energy Future: By utilising renewable energy sources to produce heat and hydrogen, the Green Iron processes support the transition to a low-carbon economy and promote a cleaner and more sustainable future.

Renewable energy, green hydrogen production and the establishment of Green Iron production present an exciting opportunity for South Australia. By investing in clean energy solutions and sustainable green pathways to steel production, the State can drive economic growth by creating new industries while also reducing worldwide the carbon footprint of these industries. The government’s plan to build a hydrogen electrolyser and attract investment in these industries shows a commitment to a clean energy future and further positions South Australia and Australia as global leaders and superpowers in the zero-carbon economy.

Renewable Electricity / Page 2

ZEN continues its PPA expansion, this time into New South Wales.

18 May 2023

ZEN continues its PPA expansion, this time into New South Wales. ZEN Energy announced its first agreement with MYTILINEOS for offtake from its Wagga Wagga South solar farm. MYTILINEOS, a leading developer of utility-scale solar and energy storage projects, entered the Australian market in 2019 and has financed and built five solar farms across NSW and Queensland, with two more under construction.

“We are delighted to be working with MYTILINEOS on expanding our portfolio. ZEN is continuing to expand our PPA profile, now on a monthly basis,” said ZEN Energy’s Executive General Manager of Future Energy, Mark Sinclair. “We actively seek to work with innovative partners with a laser focus on delivering renewable projects as fast as we can.”

ZEN and MYTILINEOS have agreed to a long-term contract with ZEN taking 80% of the electricity and LGCs generated from the 18.7MW plant. The plant is now in commissioning phase and is expected to enter commercial operation in Q2 2023.

“Bringing on a series of mid-range assets enables us to support the regional aspirations of our customers. It means they can access offtakes where they are located, like regional distribution centres. We are continuing to focus on creating agreements with progressive companies like MYTILINEOS, taking on PPAs across regional Australia,” Mark added.

Image Credits: https://waggawaggasolar.com.au/

ABOUT MYTILINEOS

MYTILINEOS Energy & Metals, founded in Greece in 1990, is an industrial and energy multinational company, listed on the Athens Stock Exchange, with a consolidated turnover of €6.3 billion and EBITDA of €823 million and employs more than 5.442 direct and indirect employees in Greece and abroad. Through the Energy Sector, the company is strategically positioned at the forefront of the energy transition as an integrated “green” utility, while through the Metallurgy Sector the Company is establishing as a benchmark for competitive “green” metallurgy in the European landscape. Focused on sustainability, it has set a target to reduce CO2 emissions by at least 30% by 2030 and achieve by 2050 net zero carbon footprint in all its operations in accordance with ESG criteria for Environment, Society and Governance.

For more information, please visit: www.mytilineos.gr | Facebook | Twitter | YouTube | LinkedIn

Media Release

Renewable Electricity / Page 2

ZEN continues its PPA expansion, this time into New South Wales.

18 May 2023

Image Credits: https://waggawaggasolar.com.au/

For more information, please visit: www.mytilineos.gr | Facebook | Twitter | YouTube | LinkedIn

Media Release

ZEN ENERGY SUCCESSFULLY COMPLETES $160M CORPORATE DEBT RAISING

READ MORE

SOUTH AUSTRALIA’S 2ND BIGGEST BATTERY STORAGE TO BOOST RELIABILITY

READ MORE

ACCIONA ENERGÍA DOUBLES DOWN UNDER WITH ZEN

READ MORE

SEEK moves to 100% renewable energy with ZEN Energy

READ MORE

Nov 27, 2023.

All you need to know about Australia’s most purpose-driven business conference.

Highlights from the event.

READ MORE

Insights from the AFR Energy & Climate Summit 2023.

READ MORE

ZEN ENERGY RAMPS UP ITS GREEN IRON INITIAVE

READ MORE

Green Iron: A Sustainable Steel-Making Process

Green Iron Process

Opportunities for South Australia

Benefits of Green Iron

READ MORE

ZEN continues its PPA expansion, this time into New South Wales.

READ MORE

ZEN continues its PPA expansion, this time into New South Wales.

READ MORE