A summary of news and events from companies that I follow in the Australian Share Market.
ANZ Opens Applications for Grants from its Community Foundation
The Community Foundation supports charitable organisations by raising funds from ANZ employees. For every dollar that employees contribute, ANZ contributes a further two dollars. Money raised, assists programs in financial wellbeing; environmental sustainability; housing access; and “assists local communities to thrive.” Application are open to eligible organisations until the 17th of March .
ANZ closed 1.4% higher today, on lower than average volume, at $26.89. It seems as if it’s not only charities benefiting from ANZ today, but the share market too.
Construction Begins on BHP’s Northern Goldfields Solar Project
BHP are building the “world’s largest off-grid mining solar and battery” to power the BHP Nickel West mine. When finished, the project will have two solar farms and a battery. The two solar farms together will generate 38.1MW. The battery will store up to 10.1MW. Once built, the project will connect to the existing site grid, and replace the current diesel and gas generators . The change in energy will reduce emmissions by 54,000 tonnes of CO2 each year.
TransAlta, a Canadian electricity producer and wholesaler, is building the project. TransAlta already have more than seventy projects under their management in Canada, the United States, and Australia.
Fortescue Future Industries is buying 20% of Sparc Hydrogen
FMG’s subsidiary, Fortescue Future Industries, is investing $1.8M to acquire a 20% share of Sparc Hydrogen Pty Ltd. Sparc Hydrogen is a joint venture between Sparc Technologies and the University of Adelaide. Sparc Hydrogen holds an exclusive license to develop and commercialise Green Hydrogen technology. The technology produces Hydrogen with only sunlight and water as input. Fortescue Future Industries aim to develop technology to decarbonise heavy industry .
FMG closed the day 3.7% higher at $20.46 after a day of smooth trading.
Telstra’s Investing in Two New Fibre Projects
Telstra are investing as much as $1.6B to lay 25,000km of fibre optic cable across two projects. Firstly, Telstra will build ground infrastructure for ViaSat, a global satellite system. Secondly, they will increase the capacity of the existing network. Consequently, the projects add about $350M of extra annual capital spending through to 2025. After that, Telstra expects to increase its line capacity from 100Gbps to 650Gbps. Furthermore, They expect to reach up to 55Tbps between capital cities .
The share market liked the investment, TLS closed up 1% at $3.98.
Woolworths Opens Applications for Grants from its Organic Growth Fund
The Woolworths Organic Growth Fund supports Australian Farmers. The fund has $30M to invest over a five-year period. Organic fruit and vegetable growers can apply for up to $500,000. Round 6 of funding is now open. Eligible recipients may use the funds for research, development, and capital expenditure. Applications are open until the 28th of February .
WOW closed 0.6% higher at $34.77 in light trade.