Pilot Energy has secured commitments of $4 million through a placement investors.

The investment is aimed at advancing the Mid West Clean Energy Project, including the Cliff Head Carbon Storage Project in Western Australia.

The funds raised will primarily support the Mid West Clean Energy Project, following the recent milestone of the Declaration of Greenhouse Gas Storage Formation for the Cliff Head Carbon Storage Project.

For every four new shares, investors will receive one new listed option set to expire on Aug. 25, 2025, with an exercise price of 3.3 cents.