BPH Energy (ASX:BPH) acquires 10% interest in Clean Hydrogen Technologies

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BPH Energy (ASX:BPH) acquires 10% interest in Clean Hydrogen Technologies

 BPH Energy (ASX:BPH) acquires 10% interest in Clean Hydrogen Technologies
Image source: Image source: © Mrdoomits | Megapixl.com
  • BPH Energy has acquired a 10% stake in Clean Hydrogen Technologies for a consideration of AU$1 million. BPH owns an 8% interest while the remaining 2% interest is held by Advent.
  • BPH and Advent hold the first right of refusal to acquire another 10% stake for a maximum of another US$1 million on or before 31 December 2022.
  • Clean Hydrogen Technologies has filed for 2 comprehensive patents in the US and intends to file additional patents in upcoming months.

With a vision to strengthen its position in the global energy ecosystem, BPH Energy Limited (ASX:BPH) announced that the company and its investee Advent Energy had acquired a 10% stake in Clean Hydrogen Technologies for a consideration of AU$1 million. BPH owns an 8% interest while the remaining 2% interest is held by Advent.

BPH and Advent hold the first right of refusal to acquire another 10% stake for a maximum of another US$1 million on or before 31 December 2022.

BPH’s shareholders unanimously approved the investment in Clean Hydrogen Technologies Corporation at the shareholder meeting on 21 June 2022.

The transition from hydrocarbons to hydrogen eliminates any production-related emissions and will now present real economics and growth in Australia and abroad. As per the International Energy Agency’s (IEA) Global Hydrogen Review report of 2021, the hydrogen market is slated to grow from less than US$100 billion in 2021 to US$200 billion and US$500 billion by 2030 and by 2050, respectively, to feed Net-Zero Emissions demands by 2050.

Clean Hydrogen Technologies is focusing on its development plans in the US. Earlier, the incumbent US government had announced an investment of US$9.5 million in the hydrogen industry. The funding program is a part of a wider US$1.2 trillion Bipartisan Infrastructure bill, the Infrastructure Investment and Jobs Act. Statista has estimated that demand for hydrogen in the US was estimated to surge to 73 million metric tons by 2050 with major demand anticipation from transportation fuel.

Clean Hydrogen Technologies: A growing Hydrogen player

Clean Hydrogen Technologies is a US-based company that works on technologies to produce clean hydrogen. Currently, they are working on a commercial-scale system to produce clean hydrogen and conductive carbon used in batteries, utilising their own unique catalysts and bespoke engineering processes. Both valuable products would be produced using natural gas without significant consumption of water and CO2 emissions.

The company has filed for 2 comprehensive patents in the US and intends to file additional patents in upcoming months. The company believes its technologies would facilitate the transition into a carbon-neutral economy utilising the existing infrastructure and supply chains.

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