Denison’s team bought the assets in 2019, modernized the facilities and restarted production in 2020, looking to move into CBM and blue hydrogen.
The group reported fiscal 2022 revenue of $52.6 million and EBITDA of $20.6 million
It needs capital to expand, so it’s on track to pre-IPO and has marked a float in 2023. It told potential investors that production is expected to triple in three to five years after the IPO, while the company’s previous operations had been funded from equity.
Investor sources said PKF helped with the pre-IPO financing round.
The raise comes shortly after Denison Gas received $65 million from Realside Financial for drilling, taking its debt-to-asset ratio to 30 percent as of September 30.
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