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Pilot Energy Limited ( (AU:PGY) ) just unveiled an announcement.
Pilot Energy Limited has entered a binding heads of agreement with SN Energy Australia to jointly develop a hybrid solar and battery energy storage project at its Three Springs site in Western Australia, alongside a proposed 50MW data centre. Under the deal, Pilot will receive $10.75 million in upfront and milestone payments, plus funding for grid connection work and a new development application, while SN Energy will fund acquisition of the project land, enabling the shift from a stand-alone solar concept to a firmed renewable power solution that better aligns with market demand and supports behind-the-meter data centre development; Pilot has also secured a $500,000 short-term unsecured loan from existing shareholders to support the initiative.
The most recent analyst rating on (AU:PGY) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Pilot Energy Limited stock, see the AU:PGY Stock Forecast page.
More about Pilot Energy Limited
Pilot Energy Limited is a junior Australian oil and gas exploration and production company transitioning toward carbon management, hydrogen and clean ammonia projects targeting emerging Asia-Pacific clean energy markets. The company plans to repurpose its existing offshore assets, including the Cliff Head oil field and associated infrastructure in Western Australia, into what it aims to be Australia’s first offshore CO2 storage project as part of its Mid West Clean Energy Project, while also holding exploration interests in nearby permits.
Technical Sentiment Signal: Sell
Current Market Cap: A$10.79M
For a thorough assessment of PGY stock, go to TipRanks’ Stock Analysis page.