Global Energy Ventures signs MoU to support green hydrogen export project

Global Energy Ventures Ltd (ASX:GEV) has entered into a non-binding, non-exclusive Memorandum of Understanding (MoU) with Province Resources Ltd and Total Eren to support a technical and commercial feasibility study on the export of green hydrogen from the HyEnergy Project. GEV is an energy transition company that aims to deliver compressed shipping solutions for transporting energy to regional markets and its business model is to build, own and operate the production, storage and shipping of green hydrogen. The MoU is intended to provide for GEV to assist Province and Total Eren in evaluating the technical and commercial feasibility of exporting green hydrogen from their HyEnergy Project. This is designed to instil the project partners with enough confidence to warrant the selection of compressed hydrogen as a preferred export method in the next phase of project engineering. The MoU is a win-win scenario for all parties as PRL and Total Eren look to develop a major green hydrogen project located in the Shire of Carnarvon, in the Gascoyne region of Western Australia in close proximity to multiple Asian markets. “The HyEnergy Project is an ideal green hydrogen export project for our compressed hydrogen shipping solution given its strategic location on the WA Gascoyne coastline, within a regional distance to multiple Asian markets with a future requirement for imported hydrogen,” GEV managing director and CEO Martin Carolan said. According to Province CEO David Frances, “The HyEnergy Project partners are keen to understand the benefits of compressed hydrogen in relation to other means of transporting our potential green hydrogen product to market. GEV are leaders in this technology and will bring that experience to the study.” The scope of the MoU includes transport from the project’s onshore hydrogen gas production facility to an offshore ship loading buoy and then on to nominated Asia-Pacific markets utilising GEV’s compressed hydrogen shipping solution. This project could also receive broader support from the Western Australian Government as its Renewable Hydrogen Strategy is focused on developing the hydrogen industry in the state. The WA Government has already outlined its support for these types of projects via its Renewable Hydrogen Roadmap which indicates how the government will support the development of the industry. This feasibility study into the HyEnergy Project is looking at the potential to develop up to an 8GW Renewable power facility and downstream hydrogen facility,  The HyEnergy Project is to be developed in phases: the renewable energy capacity will be owned by Total Eren and downstream assets will be equally owned (50/50) by Total Eren and Province. A scoping study is being completed, with a completion date slated for later this year. About GEV In 2020, GEV introduced the world’s first large-scale Compressed Hydrogen (C-H2) ship and positioned the company as an early-mover to fast track the marine transport of Hydrogen. The engineering and design of the C-H2 ship has benefited from GEV’s long-standing history in developing compressed gas carriers through to final construction approval. GEV has demonstrated that the simplicity and energy efficiency of its C-H2 shipping solution is ideally suited for exporting hydrogen over medium distances (ie, Australia to Asia-Pacific, or MENA to Europe) providing a lower delivered cost and eliminating the technical barriers of other transport alternatives.