ASX-listed GO Energy has gone into an extended trading halt – the struggling clean tech energy retailer’s second such suspension of trade in under a month – just days after publishing its latest investor presentation.
GO CEO Warren Kember said in a statement on Monday that the company had been granted voluntary suspension until market open on March 21, pending the announcement of a corporate and financing update.
GO, which was last year acquired by ASX-listed solar wholesaler SOLCO in what amounted to a reverse takeover, has focused its business on reducing energy costs and grid reliance for commercial customers through solutions including solar, battery storage, efficiency and its Go Hub energy monitoring system.
But at the end of February, the company announced plans to scale back its business and its staff, after being squeezed between rapid growth and high wholesale electricity prices.
GO said, then, that its retail electricity and gas businesses had undergone a period of sustained growth over recent months – 80 per cent between December and January – resulting in increasing demands on capital and operations.
In the company’s more recent investor presentation, published last Thursday, GO said it was in the process of developing commercial battery storage solutions that integrated with its existing no-money-down solar product offering, and would use “market leading products to provide customer specific solutions.”
RenewEconomy contacted Go Energy for further comment on the current trading halt and upcoming announcement, but was told the company had nothing, yet, to add to the information given in the ASX statement.
“The financing arrangement they’re looking to execute is still in the process of trying to be finalised,” a spokesperson said. “This is expected to be resolved on or before the timeline outlined in the announcement.”