NoviqTech launches capital raise for global expansion of AI-powered carbon monitoring platform

NoviqTech (ASX: NVQ) has launched an $850,000 capital raising via a share placement and share purchase plan to drive sales of its flagship Carbon Central environmental monitoring platform worldwide.

Proceeds will be used to market Carbon Central to high-growth sectors including domestic and global aviation, the gas and broader energy industry and the burgeoning hydrogen market.

NoviqTech said it would maintain a specific focus on turquoise hydrogen, which is produced from methane pyrolysis along with solid carbon in a process that does not produce any carbon dioxide.

Twin raising

Eligible sophisticated and institutional investors have subscribed for $550,000 of shares in the placement, for a total issue of 24 million fully paid shares at $0.025 each plus one free attaching option for each share held, exercisable at $0.08 each and expiring in June 2026 (subject to shareholder approval).

The placement issue price represents a 10.71% discount to NoviqTech’s last closing price on 12 August of $0.028 and a 16.67% discount to the five-day volume-weighted average price of $0.03.

Melbourne boutique broking firm Peak Asset Management led the raise and will be co-investing on the same terms.

NoviqTech has also announced a share purchase plan to raise a further $300,000 through the issue of up to 12 million shares at the same price.

AI capabilities

Carbon Central is a software-as-a-service product designed for organisations to streamline their projects by managing and tracking their carbon emissions and claiming Guarantee of Origin certificates for green fuels and resources.

In June, NoviqTech announced the integration of advanced artificial intelligence (AI) capabilities into Carbon Central by way of a chatbot feature that can can perform various tasks and significantly reduce the time and effort needed to manage a project.

Driven by Google Gemini, it can also provide step-by-step guidance for mapping real-world processes into digital twins and facilitate integration with real meters and external data sources.

“By leveraging the powerful capabilities of Google Gemini AI, we aim to provide our users with the tools they need to succeed in the dynamic and evolving landscape of carbon management,” the company said.

GRR agreement

NoviqTech signed an agreement with Global Resource Recovery (GRR) earlier this month for the use of Carbon Central at its waste treatment facility in the Northern Territory.

GRR will utilise the platform’s digital twin capabilities to monitor and track the recycling of spent glycol and amines, as well as create digital certificates for the processing of other recycled chemicals.

Data collected through the platform will enable the company to provide transparent and verifiable information about its recycling processes and enhance the value of its recycled products.

Global will utilise a basic tier pricing category with subscription payments until the system becomes fully operational, after which a fee will be charged on a monthly basis for each token produced.