PRL, HZR, PH2: How are these green hydrogen stocks faring at ASX?

Highlights

• Hydrogen is being evaluated as a viable fuel for future energy demands.
• The Labor government is also committed to promoting a green economy, including hydrogen as a key component.
• The present hydrogen market is estimated to be worth US$174 billion.

Green hydrogen is hydrogen produced using renewable energy or low-carbon power. Green hydrogen emits significantly less carbon dioxide than grey hydrogen, which is produced by steam reforming natural gas and accounts for the vast majority of the hydrogen market.

Volatile crude oil prices and rising demand for renewable energy have sparked an extraordinary surge in green hydrogen-related activity around the world. Hydrogen is being evaluated as a viable fuel for future energy demands as well as a viable tool for combating climate change.

Moreover, Australia's newly elected Labor government is committed to promoting a green economy, which includes hydrogen as a key component.

According to the International Renewable Energy Agency (IRENA), the present hydrogen market is worth US$174 billion and is likely to increase rapidly in the future years. Labor's policies include a commitment to net zero emissions by 2050, including a 43% reduction in emissions by 2030 as a first step.

Let us discuss these three ASX-listed companies, including Province Resources Ltd, Hazer Group Limited and Pure Hydrogen Corporation Limited.

Image Source: © 2022 Kalkine Media ®

Data Source- ASX website dated 02 June 2022

Province Resources Ltd (ASX:PRL)

Province Resources focuses on the mineral exploration and development of nickel, cobalt, vanadium, copper, gold, and other mineral opportunities. The company's projects include HyEnergy Project, Gascoyne Project, Skane Vanadium Project, Gnama Nickel Project, Pascalle Gold Project and Gascoyne Project.

On Tuesday (31 June 2022), Province Resources announced that the first met-mast has started collecting data at a location on the northern town common area, several kilometres north of Carnarvon.

The 120m-high met-mast is used to test wind conditions and other parameters at different heights above the ground in order to find the ideal hub height for turbine construction.

Also Read: Province Resources (ASX:PRL) gets licence for HyEnergy green hydrogen project

Source: © Feverpitched | Megapixl.com

The company further informed that two more SODAR trailers have been deployed, bringing the total number of SODAR trailers deployed to four. These will collect data in order to determine resource availability and optimise turbine design.

The HyEnergyTM project's MoU with Total Eren has been extended until 31 July 2022.

Shares of Province Resources were spotted trading at AU$0.083 per share on ASX today (2 June 2022) at 2.00 PM AEST.

Source: © Scharfsinn86 | Megapixl.com

Hazer Group (ASX:HZR)

Hazer Group Limited (Hazer), an Australia-based technology development company, is committed to commercialise its Hazer Process, a low-emission hydrogen and graphite production process.

Using iron ore as a process catalyst, the company's production process converts natural gas and comparable feedstocks into hydrogen and graphite.

Its Hazer Process focuses on cost savings for hydrogen producers while also supplying clean hydrogen with decreased carbon dioxide emissions. It allows this for use in a variety of renewable energy applications as well as current chemical processing businesses.

Hazer Group's shares were trading 4.38% lower at AU$0.77 apiece on ASX at 2.01 PM AEST today.

Pure Hydrogen Corporatiom Limited (ASX:PH2)

Pure Hydrogen Corporation Limited is a company that implements hydrogen-related projects. The company is situated in Australia's Crows Nest.

Project Saturn, a coal bed methane (CBM) asset owned by Pure Hydrogen Corp, is located in Queensland.

Pure Hydrogen Corp shares were spotted trading at AU$0.29 each, down 13.43% from its previous close at 2.02 PM AEST on ASX today.

Also Read: From PH2 to LIO: Five ASX green hydrogen stocks for a clean future