Real Energy Corp signs JV to develop four major hydrogen hubs on Australia’s East Coast

Real Energy Corporation Ltd’s (ASX:RLE) and Liberty Hydrogen have signed a binding term sheet to establish a joint venture company, Pure Hydrogen International Inc, to be incorporated in the USA, for developing four large-scale hydrogen hubs on Australia’s East Coast - two in Queensland, and one each in NSW and Victoria. Initially, Real Energy’s 100%-owned hydrogen division Pure Hydrogen Corporation Pty Ltd will have a 60% stake in the JV company in return for contributing two potential projects in Queensland (Project Jupiter and Project Mars). Liberty Hydrogen will also contribute project sites in the Newcastle region of NSW and in southeast Victoria. The JV approach delivers immediate scale as it ensures Pure Hydrogen International Inc will have effective coverage of the Australian East Coast by establishing the four hydrogen hubs in quick succession. “Expanding production to include exports” Real Energy’s managing director Scott Brown said: “Pure Hydrogen is pleased to be partnering with Liberty Hydrogen and delivering best-of-breed hydrogen and fuel cell technology across Australia’s East Coast. “We have focused on four sites that are in close proximity to ports on the East Coast of Australia. “Initially we aim to have small pilot plants at these locations to sell hydrogen fuel to local customers but as the market expands, we have room to significantly expand production to include exports.” Developing large-scale hydrogen business Pure Hydrogen plans to rapidly assemble all parts of the value chain during 2021 to build and develop a large-scale hydrogen business including: Seeking to lock in agreements with potential end-users or partnerships with businesses that have shared goals similar to our MOU with HYZON reported last week; Securing four east coast port Hydrogen Hubs in a JV with an experienced and well-connected partner in Liberty Hydrogen; and Securing JV’s with hydrogen manufacturing and distribution specialists to build pilot plants at the hubs. Brown said: “Pure Hydrogen has made excellent progress in a short period of time and we are only just getting started. “We look forward to delivering a steady stream of project development news early in 2021 as our four hydrogen hubs progress.” The JV aims to develop four hydrogen hubs, two in Queensland and one each in NSW and Victoria. “Immense” potential for hydrogen According to Brown: “The potential for scale when it comes to Australian hydrogen is immense, particularly given the burgeoning rise of forecast hydrogen markets in the Asia Pacific and mounting interest in the North American region, Pure Hydrogen is well placed to capitalise on this by continuing to fast-track Australia’s hydrogen and fuel cell technology infrastructure.” “As more and more countries around the world transition to low carbon energy sources, Real has a fantastic opportunity to be a leader in sustainable hydrogen technology production and exports and the four new Hydrogen Hubs can help pave the way forward for Australia’s hydrogen future.”