ASX-LISTED Global Energy Ventures has commenced development of a pilot ship utilising its compressed hydrogen (C-H2) technology, with the ship expected to be fully approved and construction ready by the end of 2022.
GEVs chief executive Martin Carolan said development of the company’s pilot C-H2 ship was underpinned by its technology that has been advanced over the June quarter and previous periods.
“Our confidence continues to grow in our approach to a low-cost, modular solution for the establishment of a marine transport solution for hydrogen, and positioning Global Energy Ventures in the enviable position of being first to market,” he added.
The company has $6.5m to fund the development of its pilot compressed hydrogen ship.
During the June quarter, GEV achieved multiple milestones as it advanced its C-H2 supply chain solution.
The company entered a memorandum of understanding with German company ILF Consulting Engineers in late May. Under the deal, the companies will explore green hydrogen opportunities in Europe and Australia using GEVs C-H2 technology.
Another MoU was secured with smart marine technology company Wärtsilä Australia, which will develop the propulsion system for the pilot C-H2 ship.
Wärtsilä will create an electric-driven system to promote a dynamic positioning capability to enable unassisted connect and disconnect of the C-H2 ship with near-shore loading buoys. It will also be responsible for the integration of power generation into the proposed ship using hydrogen-blended fuel cells.
In parallel with discussion with potential project partners, GEV also seeks to develop and upstream renewable energy and hydrogen production project in order to advance and export project from Australia into Asia-Pacific markets. The scale of the development would be designed to match the suitable volumes for the pilot scale 430-tonne ship and allow for modular growth in scale as the market demand grows.
“The company’s strategy is to develop a project that can position GEV as the first to export green hydrogen from Australia,” the company said in a statement.
Due diligence continues on a preferred site in Northern Australia that benefits from a shorter distance to market and access to infrastructure. Strategic partners have been identified to provide specialist technical and commercial support across the full value chain.
Also during the June quarter, GEV completed a strategic review of a marine compressed natural gas business model and opportunities within Brazil, the Americas, and the Middle East and Northern Africa.
GEV identified a pipeline of opportunities totalling one billion cubic feet per day of natural gas which would need a fleet of more than 20 CNG ships.
In the June quarter, GEV also implemented a “globally recognised reporting platform”, created by the World Economic Forum, for an environment, social and governance framework.