Synergen Met Limited
Hydrogen Company
Company Website:
Existing Issue
Additional Issue
20.00M - 25.00M
Stock Issue
100.00M - 125.00M
120.52M - 125.52M
Open Date
Close Date


Synergen Met Limited was incorporated on 4 December 2007 as an Australian unlisted public company for the primary purpose of developing specialist applications using the Company’s plasma technology (the Thermal Plasma Technology), which can be applied to revitalise “dirty” industries, including energy production and waste management, with green economic solutions. Presently, the activities that the company is working on are Hydrogen and Carbon Black Production, PFAS Contamination Treatment and Destruction, Plasma System Equipment Sales, and Customer Consulting.


Information / summary provided on this webpage comes from the Prospectus, which only serves general information purposes. It shall NOT be considered as complete or a substitute for you to read and understand the Prospectus. You shall not rely on information provided here for your investment decisions. Prior to making any investment decisions, it is important for you to read and understand the Prospectus and/or any other disclosure documents issued by the relevant product issuer, to ensure that you fully understand the risks involved in light of your personal circumstances; and you shall also obtain professional / independent financial advice.

This page contains IPO information based on the Synergen Met Limited Prospectus dated 12 April 2022: Please click to read the Synergen Met Limited Prospectus

Key Dates


(Disclaimer: The above key dates are for references only. They are subject to change by the company at any time. You shall not rely on this information for any investment decisions. For any changes, you shall refer to the company’s official website or the latest version of the Prospectus. While reasonable efforts are made to update the information, we make no warranty about the accuracy, completeness, reliability or timeliness of the information.)

IPO Summary


Details of the Offer

Lead Manager: Lodge Corporate Pty Ltd


The Public Offer is an initial public offering of a minimum of 100,000,000 and a maximum of 125,000,000 Shares at an issue price of $0.20 per Share to raise a minimum of $20,000,000 (Minimum Subscription) and a maximum of $25,000,000 (Maximum Subscription), together with two free attaching Options for every four Shares subscribed for and issued (being, up to 62,500,000 Options), comprising:

  • one unquoted Option, exercisable at $0.25 each on or before the date which is two years from the date of issue of the Options (being, up to 31,250,000 of the Options); and
  • one unquoted Option, exercisable at $0.40 each on or before the date which is three years from the date of issue of the Options (being, up to 31,250,000 of the Options).

The Public Offer is not underwritten.

Use of Funds


Company Background

Synergen Met Limited was incorporated on 4 December 2007 as an Australian unlisted public company for the primary purpose of developing specialist applications using the Company’s plasma technology (the Thermal Plasma Technology), which can be applied to revitalise “dirty” industries, including energy production and waste management, with green economic solutions. Presently, the Company has one subsidiary, Treata Environmental Pty Ltd (referred to as “Synergen Environmental”), which specialises in PFAS (per- and poly-fluoroalkyl substances) water treatment and destruction.


Synergen is an Australian-owned and operated business made up of a team of scientific minds with more than 80 years of collective experience working within the global resources industry. Founders, Christopher Dunks and Dr Geoff Duckworth, have developed the Company’s Thermal Plasma Technology over the last 14 years.


Through a combination of research, innovative ideas, trial and error in the lab, extensive field trials, and close collaboration with company’s key equipment supplier, the Company has proven its ability to leverage its Thermal Plasma Technology applications platform into multiple high value applications, including:

  • hydrogen and solid carbon production via methane pyrolysis;
  • PFAS water treatment and complete contaminant destruction;
  • hazardous and toxic waste destruction; and
  • waste to energy applications including municipal solid waste, tyres and organics.

text Corporate Structure

Company Technology and Development

Synergen NaCN Plant and Technology Development


Originally, Synergen was incorporated to develop technology for a modular sodium cyanide process plant using plasma technology, so sodium cyanide (NaCN) could be made at a mine site, improve environmental and safety issues and meet the precise needs of the world's gold, silver and base metal mineral processing operations.


The Synergen modular cyanide plant concept was first developed by Synergen’s Technical Director and founder, Dr Geoff Duckworth in the early 1990’s following Dr Duckworth’s work experience both in North America in association with Westinghouse Technology and in Australia as Chief Process Engineer on Minproc’s Sodium Cyanide plant development in Gladstone.

text Dr. Pradeep Shukla standing next to the plasma process facility built at UQ’s Long Pocket facility

In 2008, Synergen commissioned the University of Queensland (UQ) to build a small test facility using a small plasma torch and reactor that was made in the University’s workshop. This was a non-optimised reactor that was built only to prove that sodium cyanide could be made in this manner. This was successful, with the test results confirming that a pilot plant should be built to clarify reagent consumption and plant efficiencies.


Professor Victor Rudolph at UQ led the test work program on behalf of UniQuest (the main commercialisation company of UQ). Following this successful operation, Synergen developed a pilot test operation also at the UQ in 2011 and 2012. This operation was focused on the use of commercially available plasma equipment and was structured to provide the team with proof that the original process operation concept would scale up effectively and work economically.

text Pilot Plant skid being assembled and pre-commissioned

The pilot plant operation was successful, with the team running over 80 experiments and generating a NaCN yield that would be considered “economic” in the global supply market. Throughout this experimental process, the team optimized the plasma production process, understood plasma plant operations, and generated results that confirmed the next phase of development.


The ensuring development process resulted in the invention of the Company’s Synergen NaCN plant where cyanide is produced on site at a mine, where the chemical is needed, while also removing transportation risk of a hazardous chemical and improving environmental and safety outcomes.


During this development period, the Synergen NaCN plant has undergone more than six years of rigorous development and testing, including 12 months at an operating environment located at the Henty Gold Mine in Tasmania.


The Synergen NaCN plant is a modular, stand-alone production plant for the manufacturing of sodium cyanide. Each plant is the size of a standard 40-foot shipping container and is readily transportable.

text Synergen pilot plant being lowered into position at Henty Gold Mine in Tasmania

The Company believes the Synergen NaCN plant has the potential to eliminate a range of dangerous activities associated with the use of cyanide such as transportation, on-site handling, and maintaining large cyanide inventories.


The plant's technology has been through the Patent Cooperation Treaty (PCT) patent process and full patents have been granted in Australia, USA, Canada, Germany, Belgium, Turkey, Mexico, South Africa and the two African patent regions of OAPI and ARIPO.


Whilst further development of the Synergen NaCN plant is not a commercial priority of the Company, the development work undertaken, and know-how generated in its creation, directly lead to both the invention and application of the Synergen clean hydrogen production process and the PFAS water treatment and destruction process explained below.


Thermal Plasma Application Development


Synergen’s 14 years of test work and development for the Synergen NaCN plant has given the Company’s management team extensive experience and knowledge to become global specialists in the applications of thermal plasma technology. As a result of the extensive test and development work conducted, management identified additional applications for the Company’s plasma technology to provide beneficial solutions for a number of environmental issues.


Subsequent innovation, test work and development has led to multiple applications. Whilst mobile cyanide production was previously a focus of the Company and commercial opportunities exist, the two current priority applications for commercial development of the Company’s technology are the modular hydrogen production system and the PFAS water treatment and destruction system. Both of these proprietary processes operate as a variation of the original portable, modular design concept conceived and proven with the Synergen NaCN plant.


Acquisition of Phoenix Solutions Co


On 28 October 2021, the Company entered into a binding share sale agreement in respect of the acquisition of 100% of the issued capital of Fluidyne Engineering Corporation trading as Phoenix Solutions Co, a Minnesota registered corporation operating in the field of plasma heating systems and plasma torch construction (Phoenix) with the Majority Common Stockholders of Phoenix (the Acquisition Agreement) (the Acquisition). The Acquisition forms part of the Company’s strategy to vertically integrate its operations and will enable the Company to manufacture plasma heating systems and plasma torches incorporating its Thermal Plasma Technology.

Business Overview

The Company’s main business undertaking is the development and production of its Thermal Plasma Technology that revitalise “dirty” industries, including energy production and waste management with green economic solutions. Upon listing, the Board considers that the merged entity of Synergen and Phoenix will be a leading global provider of plasma equipment and innovative applications using Thermal Plasma Technology.


Plasma is often referred to as “the fourth state of matter”, along with gas, liquid and solid. Plasma is heated matter, where electrons are ripped away from the atoms forming an ionized gas. In such an environment, molecules are broken down to their base elements.


Synergen’s IP and know-how is based around how to control this environment to split gases and liquids into their base elements and then reform or separate the elements into a desired form.


Business Model


The proposed activities and business model of the Company Group on completion of the Acquisition and Public Offer are:


(1) Hydrogen and Carbon Black Production – Synergen


The Company has modified its existing modular plasma skid technology to economically produce clean hydrogen via methane pyrolysis. Methane pyrolysis utilises plasma technology to split natural gas or biomethane directly into its components of hydrogen and solid carbon. Synergen’s proprietary methane pyrolysis process is driven through the use of modular and scalable plasma heating systems that provide very high energy density and allow a process of ionisation at very high temperatures to split methane into carbon and hydrogen. The process enables 100% conversion of the gas into hydrogen and solid carbon, with no green house gas emissions. The final products are hydrogen and solid carbon.


The Company has entered into the binding TLOU HOA. TLOU is focused on delivering power projects to Botswana and sub-Sahara Africa, with an objective of carbon neutrality. The TLOU HOA envisages the construction and commissioning of a hydrogen and solid carbon pilot plant to be installed at the Lesedi Project in Botswana.


Part of the Public Offer proceeds will be used for solid carbon product development, including deliverable carbon black and the potential for high value synthetic graphite, graphene flakes and/or carbon nanotubes. Use of proceeds will include design and engineering and construction of carbon black separation units (i.e. graded carbon black, graphene flakes and carbon nanotubes) and safe material handling and packaging equipment for final product sales. In addition, research and development work will begin on upgrading the carbon black to high value synthetic graphite and or other high value products.


(2) PFAS Contamination Treatment and Destruction – Synergen Environmental


The Company has developed superior technology over a period of 14 years, to treat PFAS contaminated water and destroy the resultant PFAS concentrate. The Company’s approach uses foam fractionation to separate PFAS chemicals concentrated from contaminated liquids (for example, concentrates, contaminated ground water, sludge water, waste dump leachate) and the Company’s Thermal Plasma Technology used to ionise the PFAS concentrate, breaking the PFAS into gaseous base molecules, then reforming the gases into easily managed inert compounds. Via this two-step process, the PFAS molecule is completely destroyed, and residual water is cleaned to below EPA standard discharge levels. The company is now in the process of commercialising its PFAS technology.


(3) Plasma System Equipment Sales – Phoenix


Phoenix’s business model focusses on the delivery of plasma heating systems and plasma torches to various global customers for numerous specialist applications. Phoenix systems operate on scales from small research and design to full scale industrial installations, for both the commercial sector and municipal government sector.

text Earnings summary (US $million)

(4) Customer Consulting at the Hutchinson Test Facility


Phoenix operates a testing facility in Hutchinson, MN, USA for equipment evaluation and process testing. Located 60 miles west of Minneapolis, the Hutchinson Test Facility gives Phoenix the ability to install, evaluate and prove each system in operating conditions prior to shipment. The Phoenix team regularly provide additional consulting activities to customers for difficult application development. This consulting and test work is typically billed to clients and included in the design and engineering phase of a project.

Substantial Shareholder

As at the date of the Prospectus


On completion of the issue of Shares under the Offer with Minimum Subscription


On completion of the issue of Shares under the Offer with Maximum Subscription


Financial Information

Synergen Met Limited




Board and Key Management

Lynne Saint

Proposed Non-Executive Chairperson

Ms Saint contributes over 30 years’ financial, auditing, corporate governance, enterprise risk, supply chain management, project management, and commercial experience both within Australia and internationally. Ms Saint will join the Board from Bechtel Group, where she acquired more than 19 years’ leadership experience in her executive career. Having most recently served as Chief Audit Executive, Ms Saint was formerly Chief Financial Officer of Bechtel’s Mining and Metals Global Business Unit. Prior to Bechtel, Ms Saint worked in commercial roles at Fluor Daniel and Placer Dome. Ms Saint also held consulting and auditing roles with PwC and KPMG. Ms Saint currently serves as a non-executive Director of Nufarm Limited (ASX:NUF), Iluka Resources Limited (ASX:ILU) and Ventia Services Group Pty Ltd. In 2003, Ms Saint was recognised as the Telstra Queensland Business Woman of the Year. The Board considers that Ms Saint will be an independent Director.


Christopher Dunks

Managing Director and Chief Executive Officer

Christopher is a founding Shareholder and Director of the Company. Christopher has spent the past 20 years working on major minerals processing, refining and power projects both in Australia and the USA. Christopher was a Founder and Executive Director of ASX-listed Elementos Ltd (ASX:ELT). Christopher’s experience is in mechanical design, construction management and supervision, project controls, project management, contract negotiation, business development and new technology commercialisation. The Board does not consider that Christopher is an independent Director.


Terence Gray

Executive Director

Terence is a corporate finance professional who has deep knowledge of funds management and the Australian equity market providing expertise in company valuation, corporate financing and M&A activity. Terence is the principal of Tegis Pty Ltd (ACN 120 347 088), an investment management and corporate advisory services company and is a director of ASX listed Leaf Resources Limited (ASX:LER). Terence was a non-executive director of Spirit Telecom Limited, an ASX listed telecommunications company from 2014 to 2020 and chair of the audit and risk committee during his tenor. Other previous roles include Head of Equities at ANZ Funds Management, Chief Investment Officer at Allianz Equity Management, Head of Research at Allianz Dresdner Asset Management, Director of Corporate Finance at Grange Securities and Corporate Consultant nominated as a Responsible Manager for Lodge Partners stockbroking. The Board does not consider that Terence is an independent Director.


Dr Geoff Duckworth

Technical Director

Dr Geoff Duckworth is a founding Shareholder and Director of the Company. Geoff has over 45 years of experience, predominantly in project development, process design and process design management. Geoff’s experience covers a wide spectrum of industries including oil refining, petrochemicals, inorganic chemicals, fertilisers, mineral dressing, hydrometallurgy, metals refining, food processing and effluent treatment. The Board does not consider that Geoff is an independent Director.


Charles Fox

Proposed Non-Executive Director

Charles E. (Chuck) Fox has extensive experience in operations, engineering, marketing and business development. Charles is chief executive officer and founder of Pure Earth Plasma Holdings LLC. Prior to Pure Earth, he was the CEO of Windy Cove Energy and Windy Cove Energy II. Previously, he was vice president of operations and engineering for Kinder Morgan CO2 Company and managed annual expenditures of approximately $800 million. Chuck was also vice president of marketing for Shell CO2 Company. Chuck is a co-author of the SPE monograph, Practical Aspects of CO2 Flooding and is an SPE distinguished lecturer on carbon capture utilization and storage. He has taught numerous classes about CO2 flooding and carbon storage. He holds a M.S. degree in petroleum engineering from Stanford University and a B.S. degree in mechanical engineering from Rice University. He is a registered professional engineer in Texas and New Mexico. Chuck currently serves on the audit committee of the Society of Petroleum Engineers, a non-profit global society with more than 140,000 members in 144 countries. The Board does not consider that Chuck will be an independent Director.


Joseph Stopper

Proposed Non-Executive Director

Joseph M. Stopper is a founding director of Pure Earth Plasma Holdings LLC and a partner at Yorktown, a New York based private equity firm that has been making investments in the energy industry since 1997. Joseph has worked at Yorktown Partners since 2013 and presently serves on the board of a variety of other portfolio companies including Evergreen Natural Resources, Windy Cove Energy II, and Triple Oak Power. He served on the board of Solaris Midstream from inception in 2016 to its initial public offering in 2021 as Aris Water Solutions (NYSE: ARIS). From 2013 through 2018, he was also involved with Oakcliff Partners, a firm that makes long-term investments in publicly traded companies across a range of industries and geographies. He also serves as a director of not-for-profit organizations including Oakcliff Sailing and the New York School of the Arts. Joseph obtained a B.A. in Economics from Yale University. The Board does not consider that Joseph will be an independent Director.


Drew Speedy

Chief Financial Officer and Company Secretary

Drew has held numerous finance roles within ASX listed companies over the past 19 years. Most recently, Drew was CFO and Company Secretary of UIL Energy Ltd (previously ASX:UIL) until its (Board Recommended) takeover by Strike Energy Ltd (ASX:STX). Prior to that he was Financial Controller of Bow Energy Ltd until its sale to Arrow Energy Holdings Pty Ltd and has held senior finance roles with other companies including Arrow Energy Holdings Pty Ltd, Blue Energy Limited (ASX:BLU) and Queensland Gas Company during the company’s market cap growth phase from $20 million to ~$2 billion. Drew has extensive experience in company financial reporting, regulatory and governance areas, business acquisition and disposal due diligence and capital raisings. Drew has a Bachelor of Business from the Queensland University of Technology. He is a member of the Certified Practicing Accountants and the Governance Institute of Australia.


ASX Codes, Offer Opening and Closing Dates are proposed only and are subject to change without notice.


The IPO information on the website provided by 61 Financial only serves general information purposes, it does not constitute financial product advice. All IPO information is retrieved from the Company’s Prospectus. They are subject to change at any time without notice. Investors shall refer to the Prospectus for detailed information.