Infinite Green Energy - Voluntary Administration

Infinite Green Energy, a Perth-based hydrogen developer, and nine related entities entered voluntary administration on 7 April, with Richard Tucker and Jared Palandri of KordaMentha appointed as administrators.

One of the company’s main projects is the Arrowsmith Hydrogen Plant in WA, which is aimed at developing fuel for the transport sector.

The company faced a winding up application by DD Investment WA, a Queensland-based investor with a $3.85 million debt, which was scheduled to be heard on 8 April. Court documents filed in the winding up application suggest DD had serious concerns over its ability to recover the debt, including correspondence from Deutsche Bank, which questioned the authenticity of certain documents sent by the company. 

Infinite Green Energy has been struggling for at least two years, with its financial report for 2022/23 showing an operating loss of $26.5 million and a working capital deficit of $7.8 million, leading to auditors Grant Thornton issuing a going concern warning.

The administrators are represented by Chris Pearce of Blackwall Legal, while Infinite Green Energy is represented by Edwards Mac Scovell and DD by Martin Bennett.