As we close out 2025, New Energy Opportunities Limited (NEO) continues to go from strength to strength, advancing a portfolio of revolutionary clean energy technologies and infrastructure projects across multiple global markets.
Over the past 12 months, the Group has materially expanded its international footprint, progressed multiple technologies into revenue-generating pathways, and established a clear roadmap toward an IPO. This strategy is focused on delivering shareholder liquidity while supporting long-term valuation growth, underpinned by verifiable earnings and scalable platforms.
With institutional capital engagement underway and several portfolio companies approaching commercial deployment, NEO enters the next phase of growth with strong momentum and a clearly defined avenue to scale.
Key Highlights
- Secured a US$2 million letter of commitment from a Dubai-based investor to establish GreenH2 UAE, which will license NEO’s technology and business model across the Middle East.
- Clear mid-2026 IPO target, aligned with first Viridis data centre go-live.
- Bell Potter progressing a cornerstone investor for the Viridis capital raise.
- Multiple portfolio companies are now entering commercial deployment and revenue phases across LATAM, India, the Middle East, and Australia, including trials with blue-chip companies such as Coca-Cola and Japanese trading houses.
IPO Strategy
Following advice from Bell Potter, the Board’s priority is to maximise shareholder value ahead of the IPO by demonstrating verifiable earnings, led by Viridis Green Data Centres, in which NEO holds an 82% ownership interest.
With Viridis approaching funding and first assets scheduled to go live in mid-2026, the Board believes this timing best supports a successful IPO and long-term shareholder value creation.
Bell Potter is leading the Viridis capital raise, with institutional investors actively engaged in the data room. Their assessment is that securing a cornerstone investor will unlock and complete the balance of the A$30 million raise.
Group Update
Viridis Green Data Centres
The Brisbane data centre is approaching full funding, contingent on execution of the upstairs tenant’s head lease. Once complete, Viridis will receive $8 million in construction CAPEX, with delivery through Oper8 generating a 20% development margin.
The project is targeting go-live in mid-2026, supported by clear demand from Defence, government, and enterprise customers, with strong confidence that capacity will be fully taken up by the time of commissioning.
In parallel, the Tasmania and Townsville edge data centres continue to advance, underpinned by sustained Defence and enterprise demand. Building on this momentum, Viridis is engaged in multi-million-dollar negotiations for additional data centre developments across Dubai, the Philippines, and India.
H2i Group
During the year, H2i achieved a major technical and commercial milestone, winning CSIRO’s RISE Innovation Award and securing a significant CSIRO grant to accelerate development of its hydrogen injection technology.
This national recognition provided strong validation of the technology and opened the door to international opportunities.
Building on this momentum, H2i presented at a Tier-1 Indian energy conference, directly leading to a confirmed trial with India’s second-largest government organisation and the execution of a million-dollar distribution agreement to support national scale-up across the Indian market.
The trial will take place in early 2026.
Alpha H2
Alpha H2 continues to build strong commercial momentum, with hydrogen injection trials underway across Australia, Europe, and LATAM, representing a total sales pipeline of approximately 50,000 units.
In Latin America, Alpha H2 is progressing multiple pilots with large transport and logistics operators, covering 12,400 vehicles, while also conducting a formal hydrogen injection trial with Coca-Cola. This trial provides direct access to Coca-Cola’s distribution partner, FEMSA, and its 30,000-truck fleet operating across 11 countries, creating a clear pathway to multinational fleet deployment.
In Europe, a pilot project is underway in Greece, linked to a potential initial deployment of 10,000 hydrogen injection kits.
Additional commercial discussions and trial planning are progressing across Australia, India, the Middle East, and Africa as Alpha H2 continues to scale globally.
Pure Biochar
Pure Biochar continues to advance its commercial strategy through a partnership with a large Japanese trading house, focused on an integrated biochar and wood-pellet export project.
The Japanese partner is currently progressing toward a potential offtake covering up to 100% of production, with an indicative value of approximately US$30 million per annum, and is also assessing a proposed A$50 million joint venture to support land acquisition, biomass supply, and technology deployment.
In parallel, the partnership is expanding its assessment of biochar applications, reflecting growing demand across both industrial and agricultural markets. Pure Biochar is also progressing a separate project with the world’s largest cement producer, exploring the use of biochar as a low-carbon input within cement manufacturing.
In Australia, the company is commencing a trial with a major cattle producer to measure liveweight gain and methane reduction, alongside a research study with a leading Australian university to further validate biochar’s performance, emissions benefits, and commercial scalability.
GreenH2 LATAM
GreenH2 LATAM continues to scale rapidly, executing one of the largest and most advanced clean-energy portfolios in Latin America. The platform now has seven hydrogen and clean-energy projects under development across Mexico, Panama, and Costa Rica, representing a combined capital value exceeding US$300 million and more than 200 MW of renewable energy capacity.
In Mexico, the business has secured a US$25 million tyre-recycling offtake agreement and is progressing project financing discussions with a major family office. In parallel, development is underway on a US$50 million integrated clean-energy hub, alongside engagement with Mexico’s Energy Department with the objective of securing a potential 100% government offtake.
GreenH2 LATAM is also advancing its transport decarbonisation strategy, with hydrogen injection pilots underway with major transport and logistics operators, covering 12,400 vehicles. Planning is progressing for trials with two of Latin America’s leading beverage bottlers, including one program spanning more than 30,000 vehicles across 11 countries. Across the region, the total hydrogen injection kit pipeline now exceeds 42,000 units.
To support further expansion, GreenH2 LATAM has executed a framework agreement with TW Solar, a Colombian-Spanish developer with more than 700 MW of approved solar and green hydrogen capacity. This agreement provides access to up to eight hydrogen projects in Colombia, from which the most commercially viable projects will be selected for execution.
GreenH2 India
GreenH2 India has now been formally established and is progressing advanced discussions with a major electric bus operator, a data centre group, and a hydrogen hub, positioning the platform across transport, infrastructure, and industrial applications.
These engagements are expected to translate into active agreements in the first half of 2026, providing a foundation for commercial rollout. As a result, multiple NEO portfolio companies — including Alpha H2, National H2, and Viridis Data Centres — are well positioned to capture early growth opportunities in the Indian market.
GreenH2 UAE (Middle East)
GreenH2 UAE is now being established as NEO’s regional platform to support the rollout of the Group’s business model and portfolio companies across the Middle East. The platform is underpinned by a US$2 million licensing commitment, providing initial funding and regional validation.
Building on this foundation, discussions are underway with a major trucking group regarding a potential 10,000-truck hydrogen deployment, alongside negotiations for the development of multiple Viridis data centres across the Middle East.
National H2
National H2 has reached a key development milestone with the completion of its FEED study by Powerhouse Energy’s UK engineering division, providing a robust technical foundation for project financing.
Following completion of the FEED work, two global financiers are now conducting due diligence to fund the proposed Western Australian facility. In parallel, an EPC contractor is reviewing the project, with the potential to both fund and construct the site, positioning National H2 to progress efficiently into the delivery phase.
Outlook
With funding pathways advancing and multiple portfolio companies transitioning from development into commercial deployment, NEO enters 2026 with increasing earnings visibility and strong operational momentum.
The Board remains focused on disciplined capital allocation, converting project progress into verifiable revenues, and executing a well-timed IPO designed to deliver shareholder liquidity while supporting sustainable post-listing growth.