Delorean (ASX:DEL) said it completed an agreement which would allow it to connect and export biomethane from its SA1 Salisbury bioenergy project in South Australia, to customers remote from its facility, according to a Thursday Australian bourse filing.
The company completed the key agreement required by the owner of South Australia's gas network, Australian Gas Networks, to connect Delorean's project for the export and distribution of mains-grade biomethane.
The project is currently under construction.
Delorean and Australian Gas Infrastructure Group, of which Australian Gas Networks is a part, agreed to work towards establishing a mutually acceptable business model for the firm to develop and operate anaerobic digestion plants to supply biomethane into the group's gas networks.
The group agreed to undertake a comprehensive package of connection works, including the essential grid injection works.
Delorean's shares jumped 11% in recent trading on Thursday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.