HyTerra Advances Hydrogen Exploration with Significant New Investment

December 08, 2024 04:59 PM PST | By Team Kalkine Media

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HyTerra Advances Hydrogen Exploration with Significant New Investment — Image source: Shutterstock

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Highlights:

HyTerra (HYT) receives $21.9 million investment from Fortescue Future Industries Technologies.

Funds allocated for Nemaha project expansion and drilling in the US.

Strategic alliance established to explore global hydrogen opportunities.

HyTerra (ASX:HYT) has announced the completion of a $21.9 million investment from Fortescue’s (ASX:FMG) Future Industries Technologies division. This funding will fully support initial exploration activities at HyTerra’s Nemaha hydrogen-helium project in the US. Fortescue's equity stake in HyTerra has now increased to 39.66%, following the acquisition of 644 million shares priced at $0.034 each and 322 million free-attaching options exercisable at $0.051.

The funds will be directed towards ongoing leasing efforts, geophysical analysis, and an expanded drilling campaign targeting newly identified geological prospects within the Nemaha region. This financial backing underscores the potential of the Nemaha project as a key contributor to the burgeoning hydrogen sector.

Board Strengthened by New Appointment

As part of the investment, Fortescue has nominated Christine Nicolau to HyTerra’s board of directors. With over a decade of experience at Fortescue, Nicolau currently oversees corporate development in Latin America, focusing on critical mineral projects. Her appointment is expected to enhance HyTerra’s board with her expertise in exploration and new project growth. HyTerra’s executive director Avon McIntyre highlighted her alignment with the company’s objectives and her ability to contribute to project expansion.

Progress at Nemaha Project

HyTerra has made significant strides in its Nemaha hydrogen project, recently extending its footprint to approximately 60,000 acres in Kansas. This expansion includes 8,000 acres of new infill leases, supported by extensive seismic data. The company has also secured three new well permits to accelerate its drilling campaign, targeting hydrogen and helium prospects.

Strategic preparations are underway for exploratory drilling at Sue Duroche-2 and Scott-1 wells, leveraging advanced geological and geophysical data to enhance exploration accuracy. HyTerra’s subsidiary Neutralysis, along with Natural Hydrogen Energy LLC, is assessing potential pathways for the stalled Geneva project in Nebraska, in which HyTerra holds a 16% working interest.

Strategic Alliance for Hydrogen Growth

HyTerra and Fortescue have formalized a strategic alliance to facilitate further collaboration on the Nemaha project and explore additional white hydrogen projects globally. This partnership aims to unlock new opportunities in the hydrogen sector, reinforcing HyTerra’s vision for sustainable energy solutions.

This milestone investment and strategic partnership underscore HyTerra’s commitment to advancing hydrogen exploration and expanding its project portfolio, positioning itself as a significant player in the evolving hydrogen economy.

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