ASX-listed GO Energy has gone into an extended trading halt – the struggling clean tech energy retailer’s second such suspension of trade in under a month – just days after publishing its latest investor presentation.
GO CEO Warren Kember said in a statement on Monday that the company had been granted voluntary suspension until market open on March 21, pending the announcement of a corporate and financing update.
GO, which was last year acquired by ASX-listed solar wholesaler SOLCO in what amounted to a reverse takeover, has focused its business on reducing energy costs and grid reliance for commercial customers through solutions including solar, battery storage, efficiency and its Go Hub energy monitoring system.
But at the end of February, the company announced plans to scale back its business and its staff, after being squeezed between rapid growth and high wholesale electricity prices.
GO said, then, that its retail electricity and gas businesses had undergone a period of sustained growth over recent months – 80 per cent between December and January – resulting in increasing demands on capital and operations.
