Pilot Energy (ASX:PGY) has entered into a binding convertible note agreement to raise $3M with a syndicate of sophisticated investors, led by Greg Columbus who has over 30 years of experience in the Energy and Oil & Gas industries.

The proceeds will be used for activities associated with Pilot’s projects, such as the Carbon Capture and Storage (CCS) FEED, pre-FEED preparatory work for the broader Mid West Clean Energy Project (MWCEP) in WA, as well as for general corporate overheads.

Pilot Energy says the agreement remains subject to and conditional upon shareholder approval.

Its Managing Director, Tony Strasser says the company is delighted to welcome Mr Columbus, saying he has a track record of successful investments in the energy sector over many years, and is confident Pilot Energy will benefit.