Half Yearly Report and Accounts
Released
Released
Announcement PDF
Australia’s future in bioenergy and renewables
Interim Financial Report
for the half-year ended
31 December 2025
Delorean Corporation Limited
ACN 638 111 127
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 2
Vision Statement
To be recognised as Australia and New Zealand’s leading emerging renewable
energy generator and retailer, led by its fast-growing bioenergy infrastructure
footprint.
Mission Statement
To build, own and operate the largest portfolio of commercially successful
renewable energy infrastructure in Australia and New Zealand, measured by
value of developed assets and quantity of renewable electricity, heat and gas
produced.
YVW Food Waste to Energy Project
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 3
Table Of Contents
Appendix 4D..................................................................................................................................................................................4
Corporate Directory...................................................................................................................................................................6
Investment Highlights...............................................................................................................................................................7
Strategic Pivot...............................................................................................................................................................................8
Half-year ended 31 December 2025 at a glance.............................................................................................................9
Directors’ Report......................................................................................................................................................................13
Auditor’s Independence Declaration ............................................................................................................................... 29
Consolidated Statement of Profit or Loss and Other Comprehensive Income ...............................................30
Consolidated Statement of Financial Position..............................................................................................................31
Consolidated Statement of Changes in Equity..............................................................................................................32
Consolidated Statement of Changes in Equity (continued)....................................................................................33
Consolidated Statement of Cash Flows...........................................................................................................................34
Directors’ Declaration............................................................................................................................................................ 52
Independent Auditor’s Review Report............................................................................................................................ 53
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 4
Appendix 4D
1. Company details
Name of entity: Delorean Corporation Limited
ABN: 62 638 111 127
Reporting period: For the half-year ended 31 December 2025
Previous period: For the half-year ended 31 December 2024
2. Results for announcement to the market
Revenues from ordinary activities down 46% to 6,701,647
Loss from ordinary activities after tax attributable
to the owners of Delorean Corporation Limited down 250% to (1,460,218)
Loss for the half-year attributable to the owners of
Delorean Corporation Limited down 250% to (1,460,218)
Comments
The loss for the consolidated entity after providing for income tax and non-controlling interest
amounted to $1,460,218 (31 December 2024: Profit $973,867).
EBITDA loss for the consolidated entity amounted to $945,659 (31 December 2024: EBITDA profit
970,437).
Refer to the Review of Operations section included within the Directors’ Report of the attached
Financial Report for the half-year ended 31 December 2025.
3. Net tangible assets
Reporting
period
Previous
period
Cents Cents
Net tangible assets per ordinary security 1.70 5.64
4. Control gained over entities
Not applicable.
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 5
5. Loss of control over entities
Not applicable.
6. Details of associates and joint venture entities
Not applicable.
7. Audit qualification or review
Details of review dispute or qualification (if any):
The financial statements were subject to a review by the auditors and the review report is attached
as part of the Interim Financial Report.
8. Attachments
Details of attachments (if any):
The Interim Financial Report of Delorean Corporation Limited for the half-year ended 31 December
2025 is attached.
9. Signed
Hamish Jolly
Executive Chairman
26 February 2026
Perth, Western Australia
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 6
Corporate Directory
Directors
Mr Hamish Jolly
Mr Joseph Oliver
Mr Stephen Gostlow
Mr Michael Phillip
Ms Surena Ho
ASX Code
Shares: DEL
Legal Form of Entity
Public Company
Company Secretary
Mr Aidan Flynn
Contact Details
www.deloreancorporation.com.au
info@deloreancorporation.com.au
+61 8 6147 7575
Country of Incorporation and Domicile
Australia
Registered and Principal Office
Ground Floor
1205 Hay Street
WEST PERTH WA 6005
Corporate Governance Statement
https://investorhub.deloreancorporation.
com.au/governance
Postal Address
Ground Floor
1205 Hay Street
WEST PERTH WA 6005
Auditors
BDO Audit Pty Ltd
Level 9, Mia Yellagonga
Tower 2
5 Spring Street
PERTH WA 6000
Bank
National Australia Bank
Level 14, 100 St Georges
Terrace
Perth WA 6000
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 7
Investment Highlights
Delorean Corporation (Delorean) is Australia’s leading
bioenergy infrastructure developer, builder, owner and
emerging operator.
Delorean is a vertically integrated business operating in
two high growth investment sectors:
– Renewable energy (with a strategic focus on
biomethane)
– Circular economy infrastructure, through organic
waste management
Delorean is building a network of assets across Australia
using mature in-vessel anaerobic digestion technology to
produce:
– Renewable gas (biomethane),
– Renewable electricity
– Biogenic carbon dioxide
– Organic fertiliser products
Delorean has pioneered this sector in Australia and built a track record delivering high-yielding projects
helping to transform and decarbonise Australia’s energy sector.
Company Highlights
Delorean has a robust BOO business model with a strong revenue growth profile – a business
that has demonstrated its ability to deliver award winning projects nationally and overseas.
Delorean’s position in the market is unique – the Company has a mixture of EPC and O&M revenue
streams, combined with a build-own-operate project in construction, and with a large portfolio of
development build-own-operate projects in strategic locations.
Delorean has the right team to execute – the management team brings over 50 years of combined
experience in the bioenergy industry. With strong industry connections and credibility, the team is
well-positioned to drive successful project execution.
With a firm foothold in the renewable energy landscape and a strong commitment to driving positive
change, Delorean Corporation is incredibly well placed to capitalise on the major and long-term
structural shift in renewable gas demand. Our steadfast commitment to advancing sustainable solutions
and expanding our portfolio exemplifies our purpose of shaping a cleaner future for Australia and New
Zealand.
Lilydale Bioenergy Project
Image 1: Lilydale Bioenergy Plant Operations
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 8
Strategic Pivot
Pivot to Build-Own-Operate Infrastructure
1H FY2026 represents a foundational period in Delorean’s transition from EPC contractor to
infrastructure owner and operator.
The half year reflects the capital-intensive nature of developing and constructing infrastructure assets
ahead of commissioning and operational revenue generation, with continued reinvestment into
capability, capital deployment and Build-Own-Operate (BOO) platform development. As Delorean
expands its asset base and progresses construction in its BOO portfolio, the Company is positioning itself
to deliver recurring, infrastructure-backed earnings from FY2027 onward.
• Asset Growth – Total assets increased to $50.6 million (30 June 2025: 46.4 million)
• Stable Revenue – Long-term offtake and O&M contracts, including $8+ million YVW O&M
contract
• Future Earnings Upside – BOO projects are set to deliver recurring income from FY2027
• Strong Partnerships – Backed by investment-grade partners and offtakers
Delorean is building the infrastructure platform to lead Australia’s renewable gas sector.
Strategic Priorities
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 9
Half-year ended 31 December 2025 at a glance
Financial Highlights
Group Revenue for 1H FY2026 was $6.7m (excluding grants, R&D tax offsets and other income).
EBITDA: In 1H FY2026, Delorean realised an Adjusted EBITDA loss of $0.7m.
Cash balance of $4.8 million as at 31 December 2025, comprising $1.6m in term deposits
supporting cash-backed contract bonds and guarantees and $3.2m in available cash for working
capital.
Total Assets of $50.6m as at 31 December 2025.
Grants applied: $50m with $11.1M awarded to date and $2.7m received in cash.
Corporate: $51.5m total debt finance packages with NAB and Tanarra Restructuring Partners to
support the construction of the SA1 Project and the broader BOO portfolio.
Operational Highlights
Infrastructure Division:
High-Yielding Build-Own-Operate (BOO) Infrastructure Rollout
BOO Project Portfolio: 1 project under construction and 6 near-term development projects
valued at over $200 million, including 2 shovel ready projects
SA1 Project: During the half year, Delorean continued to advance the construction of its flagship
Build-Own-Operate asset, with the aim of reaching waste acceptance and First Gas in CY2026.
Brickworks/NSW1 Project: Delorean continues to actively explore pathways to advance the
NSW project toward construction.
VIC1: Delorean continued to advance the development of the project, progressing preparations
to reach Final Investment Decision in 2H FY2026
Opal: Delorean entered into a strategic MOU and MSA with Opal to undertake an Opal-funded
feasibility study (valued at up to $2 million), commencing at Opal’s Maryvale paper mill in Victoria
and providing a potential pathway for future bioenergy developments across Opal’s national
footprint under Delorean’s BOO platform.
Development Portfolio: Advanced the Company’s Infrastructure Development Portfolio,
including the QLD1, WA2, VIC2 and NSW2 Projects.
Projects Funding: Actively engaged with a shortlist of potential investors with the objective of
securing funding for Delorean’s portfolio of projects.
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 10
Engineering Division:
Engineering, Procurement, and Construction (EPC) & Operation and Maintenance (O&M) for Third
Parties and Delorean BOO projects
Yarra Valley Water: In 1H FY2026, Delorean achieved Practical Completion on the $53 million
construction of the Food Waste to Energy facility in Lilydale and commenced Operations &
Maintenance (O&M) phase, under a contract valued at approximately $8 million over the initial
two-and-a-half-year term
Corporate:
Business improvements, with a focus on cash flow and profitability.
Furthered the development of relationships and partnerships with leading industrial, utility, and
energy players across Australia.
Achieved Zero lost time incident rate (LTIR).
Advanced the Company’s ESG Strategy.
Image 2: Delorean SA1 Salisbury Bioenergy Construction
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 11
Chairman’s Address
The first half of FY2026 saw two key milestones delivered, with a
‘steady as she goes’ approach in our Engineering, Procurement, and
Construction (EPC) business, while Delorean is actively in
construction for the rollout of our Build-Own-Operate (BOO)
bioenergy projects.
Our business strategy is to fast-track Delorean’s transition into a
bioenergy infrastructure owner and operator, delivering predictable
annuity-based income streams from high-yielding assets and layering
up earnings for each BOO project we build and bring onstream.
As these facilities become operational, they will generate revenues
from fees for acceptance of organic waste streams and from sale of
renewable green energy, and environmental credits. Delorean is
continuing to explore additional revenue streams, including the sale of
natural byproducts such as biofertiliser and commercial-scale carbon
dioxide products for further upside.
In the six months to December 2025, Delorean achieved Practical Completion on the $53 million
construction of the Food Waste to Energy facility in Lilydale and commenced Operations & Maintenance
(O&M) phase, under a contract valued at approximately $8 million over the initial two-and-a-half-year
term. Now receiving organic waste streams from the Melbourne metropolitan area and producing biogas
ready for electricity generation, the facility is a showcase for Delorean and the bioenergy construction
and operation industry in Australia.
Also in this period, Delorean significantly advanced construction of its NAB-backed flagship SA1 BOO
asset, with all major earthworks now completed, long lead items procured, reception shed and anaerobic
digestion tanks erected, with construction completion and First Gas expected in CY2026.
Importantly, Delorean also entered into a strategic MOU and Master Services Agreement with Australia’s
largest paper manufacturer to undertake an Opal-funded feasibility study valued at up to $2m providing
a foundation for future bioenergy projects, initially in Victoria but potentially across Opal’s national
operations.
In support of the rollout of this BOO infrastructure portfolio, Delorean currently has on foot $40m in
Federal and State grant applications while being active in engagement with financiers to progress near
term funding solutions for these projects.
Our focus for the second half of FY2026 is to progress construction of SA1, towards bringing earnings
onstream from that project in 2026, and reaching FID on our shovel-ready VIC1 BOO project in Victoria,
and NSW1 BOO project in Horsley Park near Sydney.
Delorean also remains active in the development of its QLD1 BOO project, for which it successfully
secured grant funding with the support of the Queensland Government, and is subject to planning
approvals and FID expected later in 2026.
Now in construction of our high-yielding BOO project rollout, the prospects for Delorean remain very
good, having a strong track record in delivery of bioenergy facilities in the backdrop of two high-growth
Australian sectors of waste management and renewable energy (including renewable gas).
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 12
We look forward to providing further positive updates and announcements in the second half of FY2026.
Yours sincerely,
Hamish Jolly
Executive Chair & Co-Founder
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 13
Directors’ Report
The Directors present their report together with the financial statements of Delorean Corporation
Limited (“Delorean” or “the Company” or “DEL”) and its subsidiaries (“the Consolidated Entity”) for the
half year ended 31 December 2025 and the auditor’s report thereon.
Our Board
Delorean’s Board comprises a balance of strong and committed executive leadership through its Co-
founders, Executive Chair Hamish Jolly and Managing Director Joseph Oliver, matched with Steve
Gostlow’s deep experience and company growth track record in the Australian waste sector with Tox
Free Solutions Ltd, Michael Phillip’s extensive finance and investing background across various
industries and continents and Surena Ho’s deep expertise in the gas industry (appointed 1 August 2025).
The Board functions well with the Non-Executive Directors providing guidance on finance, performance
management and M&A strategy. Together, the Directors hold 43.17% of DEL’s issued capital and are
motivated to guide the Company to meet its growth and profitability targets and realise the Company’s
vision.
Strong Leadership
Joseph Oliver
Managing Director & Co-Founder
Joe has over 15 years’ experience in engineering, power generation and renewable energy across both
Australasia and Europe. Prior to Delorean, Joe worked for Edina Ltd, specialising in power generation. Joe
has been involved in developing the UK Anaerobic Digestion sector, delivering over 10 facilities nationwide
through both Farmgen Ltd and Monsal Ltd.
Steve Gostlow
Non-Executive Director
Steve has over 25 years’ experience in the waste management industry. He was previously Managing
Director of Tox Free Solutions Ltd (Toxfree) for 16 years where he developed Toxfree into one of Australia’s
largest waste management companies. Steve is currently the Non-Executive Chairman of Pure
Environmental, a private Australian Company that provides services in the regulated and hazardous waste
market in Australia. Steve has formal governance qualifications as a Graduate of the Australian Institute of
Company Directors.
Hamish Jolly
Executive Chair & Co-Founder
Hamish is a seasoned executive and holds a Bachelor of Business (Business Law and Accounting) and is a
Member of the Institute of Chartered Accountants in Australia and New Zealand. He is a former Director of
Strategy and Ventures at Bankwest, and former CEO of Greening Australia, one of Australia’s largest
environmental NGO’s.
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 14
Directors’ Report (continued)
David McArthur (retired 1 Aug 2025)
Non-Executive Director & Company Secretary
David is a Chartered Accountant, with over 30 years’ experience. He is currently a director of Lodestar
Minerals Ltd (ASX:LSR) and has served on the boards of several listed companies, including Xstate
Resources Ltd (ASX:XST), Australian Oil Company Ltd (ASX: AOK), and Harvest Technology Ltd (ASX:HTC).
Additionally, he was also Chair of the Audit and Risk Management Committee for all four companies.
Michael Phillip
Non-Executive Director
Michael is appointed as Non-Executive Director on 9 October 2024. He has over 25 years of financial
markets experience. He has an extensive finance and credit investing background across various industries
and continents. Michael was also a practicing chemical engineering in various processing industries prior
to entering finance. Michael holds a Master of Business Administration from the University of California at
Berkeley and Bachelor of Engineering in Chemical Engineering from the University of Sydney. He was the
founding Chief Investment Officer of Tanarra Capital’s special situations division.
Surena Ho (appointed 1 Aug 2025)
Non-Executive Director
Surena brings extensive experience in the Australian and international gas industry, having held senior
leadership and governance roles at organisations including Osaka Gas, Chevron, Alinta, and Woodside.
With over 20 years of experience, including 15 years in the oil and gas sector, Ms Ho has held senior
executive roles in financial leadership, capital planning, commercial strategy, business performance
improvement (including mergers and acquisitions), and joint venture contract negotiations. Her
expertise spans domestic gas retail, stakeholder engagement, and the development and
commercialisation of both domestic and international gas projects.
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 15
Directors’ Report (continued)
Operating and Financial Review
Vertically Integrated Renewable Energy Business
The business comprises three interoperable divisions:
Bioenergy Plant Revenue Model
Bioenergy plants benefit from multiple revenue streams, deriving income from various sources such as
waste acceptance and processing, as well as sale of renewable electricity, heat and gas. Furthermore,
there are prospects for additional revenue streams, including the sale of biofertiliser, biogenic CO2,
hydrogen and environmental credits. These opportunities contribute to the overall financial viability and
sustainability of bioenergy operations.
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 16
Directors’ Report (continued)
Operating and Financial Review (continued)
Project Portfolio
The following graphic sets out an overview of Delorean projects, completed, under construction, under
development and in the pipeline.
Image 3: Delorean Corporation Projects across Australia and New Zealand
Image 4: Lilydale Bioenergy Project
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 17
Directors’ Report (continued)
Operating and Financial Review (continued)
1H FY2026 Overview
Delorean Corporation’s activities in the half year ending December 2025 continued to support the
Company’s strategic direction and ongoing growth. Delorean is committed to shaping a cleaner energy
future through its vertically integrated renewable energy model.
During the first half of FY2026, Delorean was actively in construction of its first Build, Own, Operate
project – SA1 in Salisbury and achieved practical completion and started operational and maintenance
phase of Yarra Valley Water’s (YVW) second bioenergy project, being the largest in Australia and
Delorean’s fourth major project.
In parallel, Delorean continued to advance its BOO development pipeline with:
• Completion of planning approvals for the NSW1 BOO project in preparation for potential funding
and FID.
• Advanced the construction readiness of the VIC1 project (including feedstock sourcing) in
preparation for funding and FID.
• Delorean entered into a strategic partnership with Opal, to assess viability of anaerobic digestion
facilities, commencing at Opal’s Paper Mill in Victoria
• Progressed the development of its QLD1 BOO project, for which it successfully secured grant
funding with the support of the Queensland Government, and is subject to planning approvals
and FID expected later in 2026.
Image 5: SA1 Salisbury Bioenergy Project construction
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 18
Directors’ Report (continued)
Operating and Financial Review (continued)
Delorean Engineering Division
Delorean’s Engineering Division delivers engineering design, construction and operation/maintenance
services for third parties under contract, and for Delorean Infrastructure Division’s build/own/operate
projects.
Yarra Valley Water, VIC Bioenergy Plant
Project Background
Location: Lilydale, Victoria – circa $60 million total Design Build Operate Maintain (DBOM) contract
value
Delorean Corporation’s Engineering Division is in contract for the design, construction, operation, and
maintenance of Yarra Valley Water’s food waste to energy plant at Lilydale, Victoria. Construction was
completed in H1 FY2026. This new facility is one of the largest food waste to energy facilities of its kind
in Australia. The total design and construction contract sum is approximately $53 million. The contract
includes a two-year agreement for operations and maintenance (and an option for digestate
management) by Delorean with a value of approximately $8 million.
Project Update
The project reached a key milestone, with practical completion achieved. Delorean has now transitioned
into the operations and maintenance phase. The facility is currently ramping up, accepting waste and
producing biogas.
Image 6-7: YVW Bioenergy Project
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 19
Directors’ Report (continued)
Operating and Financial Review (continued)
Delorean Infrastructure Division
Delorean’s Infrastructure Division is responsible for development, ownership and operation of
commercial-scale anaerobic digestion bioenergy facilities in Australia.
SA1 Salisbury Bioenergy Plant
Project Background
Location: Salisbury, South Australia
SA1 Salisbury Bioenergy will be the first bioenergy facility in Australia to produce mains-grade
biomethane and biogenic CO2 from processed commercial and industrial organic waste. In Stage 1, the
facility will process 70,000 tonnes per annum (“TPA”) of organic waste, diverting it from landfill to
mitigate methane emissions and generate Australian Carbon Credit Units (“ACCUs”).
The project will generate a gross of 210 TJs of biomethane per annum, with 180TJs injected into
Australian Gas Network’s South Australia gas network. Delorean has signed an 8+2 year offtake
agreement with Origin Energy to supply this biomethane to industrial customers. Renewable Gas
Guarantees of Origin (“RGGOs”) will be generated and sold to Origin to then support industrial users to
reduce their Scope 1 emissions.
In addition, the facility will produce 6,000TPA biogenic commercial-grade CO2, which will be liquefied
and sold to Supagas under a 10 year offtake agreement, helping reduce regional supply shortages.
Project Update
In December 2024, the Delorean Board reached Final Investment Decision (FID) to proceed with
construction of Delorean’s SA1 bioenergy facility at Edinburgh Parks in South Australia.
Since FID, and full design, procurement of all long-lead items has progressed in line with the delivery
schedule, and site works have commenced. Major civil works are now complete, including the
construction of the digestion tanks, the main structure of the reception building, and associated civil pads.
With long-lead equipment — including the site generator, biomethane upgrading plant, pumps and heat
exchangers — now moving through fabrication and delivery, construction activities will continue to
advance toward practical completion. The project remains on track for first waste and first gas within the
next nine months.
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 20
Directors’ Report (continued)
Operating and Financial Review (continued)
Delorean Infrastructure Division (continued)
SA1 Salisbury Bioenergy Plant (continued)
VIC1 Stanhope Bioenergy Plant
Project Background
Location: Stanhope, Victoria
VIC1 Stanhope Bioenergy will be among Victoria’s first to produce mains quality biomethane from
organic waste.
Delorean has been progressing its VIC1 Stanhope project with a focus on upgrading to biomethane and
securing a gas connection with AGIG.
In Stage 1, the facility will process 54,000 tonnes per annum of commercial, industrial, agricultural, and
municipal organic waste otherwise destined for landfill, to generate renewable electricity and gas. With
the planned upgrade to biomethane, the project will produce approximately 180 TJs of biomethane per
annum, contributing to annual emissions reductions of around 69,400 tCO₂e.
In Stage 2 (future expansion), the facility has the potential to increase waste processing capacity to
71,300 tonnes per annum, further enhancing its contribution to Victoria’s renewable gas and
decarbonisation targets
Project Update
Delorean continued to advance development of the project during the period, progressing key
workstreams to position the facility for Final Investment Decision (FID) in 2H FY2026.
Efforts have been primarily focused on progressing contractual negotiations and finalising financing
arrangements, ensuring the project is structured to achieve bankability and reach FID within the targeted
timeframe.
Image 9: SA1 Salisbury Bioenergy Plant Construction
Image 8: SA1 Salisbury Bioenergy Project Render
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 21
Directors’ Report (continued)
Operating and Financial Review (continued)
Delorean Infrastructure Division (continued)
VIC1 Stanhope Bioenergy Plant (continued)
NSW1 Horsley Park Bioenergy
Project Update
Delorean received an update from Brickworks confirming that it has elected not to progress to a FID on
the proposed Horsley Park Bioenergy Facility. Delorean continues to actively explore pathways to bring
the NSW project into construction.
Image 10: VIC1 Stanhope Bioenergy Plant Render
Image 12: NSW1 Bioenergy Plant Render
Image 11: VIC1 Stanhope Bioenergy Project site
DELOREAN CORPORATION LIMITED | INTERIM FINANCIAL REPORT 31 DECEMBER 2025 22
Directors’ Report (continued)
Operating and Financial Review (continued)
Delorean Infrastructure Division (continued)
Opal
Delorean entered into a strategic partnership with Opal, a leading Australian & New Zealand recycling,
paper and packaging manufacturer, to assess viability of anaerobic digestion (AD) facilities, commencing
at Opal’s Paper Mill in Victoria.
Delorean will deliver an Opal-funded feasibility study valued up to $2 million, evaluating the commercial
potential of a co-located AD facility to convert organic waste into renewable gas and/or renewable
electricity through a staged development process, through a staged development pathway. The project
could progress to a 50/50 joint venture, with Delorean holding the first right of refusal for 50% equity
following a successful feasibility study.
This partnership is fully aligned with Delorean’s Build-Own-Operate (BOO) strategy, supporting Opal’s
decarbonisation objectives, creating long-term revenue opportunities, and providing a foundation for
future bioenergy projects across Opal’s national operations.
QLD1 Bioenergy Plant
Project Background
QLD1 Bioenergy will produce mains-grade biomethane from processed commercial and industrial
organic waste.
At full capacity, this site will process approximately
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