Orsted Share Price (0RHE)

And still falling! It was a shock to me just how big the dilution and the discount was and wanted to let folks know, in MHO, this will go lower when 900m shares offered at 776p hit the market for a quick profit.

You must be hibernating. Orsted announced this weeks ago in August that they plan to raise funds. It was priced in already!

The Grimsby green hydrogen plant, known as the Gigastack project, was withdrawn from government funding negotiations in August 2023.

At that point, partners Ørsted and Phillips 66 announced the project was "paused" and they had no timeline for restarting it.

Key details on the project's cancellation:

Announcement date:

The decision to withdraw from the government funding round was publicly announced on August 17, 2023.

Reason for cancellation:

Phillips 66 and Ørsted stated that the project needed "further maturation together with supply chain development". The decision was part of a larger trend of offshore energy projects being withdrawn due to inflation, rising costs, and market instability.

Context:

The project aimed to use renewable energy from the Hornsea Two offshore wind farm to produce green hydrogen at the Phillips 66 Humber Refinery. The consortium had entered the UK government's first Electrolytic Allocation Round (HAR1) to secure funding, but withdrew before the contracts were signed.

Ørsted to raise DKK 60 billion (€8bn), issuing an additional 900.8 million new shares for DKK 66.60 (€8.92). The rights issue offers a 67% discount compared to Friday's closing price of around DKK 200.

This falling knife has further to fall, IMO!

After a deep trawl of the web seems the Gigastack Grimsby project was very quietly put on hold back in August 2023.

Maybe now though there will be a change of enthusiasm ?