Global Energy (ASX:GEV) to develop Green Hydrogen Export Project

Highlights 

  • GEV has announced its decision to develop a 2.8 GW / 100,000 tpa of green hydrogen export project on the Tiwi Islands, delivering a fully integrated green hydrogen production and export supply chain.
  • The selection of the Tiwi Islands location provides a brownfield site that can reduce development time and cost and access to one of the closest Australian ports.

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ASX-listed Australia-based energy transition company Global Energy Ventures Ltd (ASX:GEV) announced on Wednesday the development of a 2.8 GW / 100,000 tpa of green hydrogen export project on the Tiwi Islands (the Tiwi Hydrogen Project).

GEV, which designs and develops integrated compressed shipping projects, has proposed a staged approach to construction, with an original development phase of ~0.5 GW of installed solar generation, growing to 2.8 GW as the local hydrogen market grows.    

Important points revealed in today's announcement include:

  • The combination of GEV's innovative compressed hydrogen shipping solution facilitates a phased development and construction timeframe, thereby profiting from the continuous drop of the capital and operating costs for solar generation, shipping and electrolysers.
  • The Tiwi Hydrogen Project is supported by key stakeholders, including the Tiwi Land Council, the Munupi Landowners, NT Port and Marine and the Northern Territory Government.
  • The financial conclusion for the first phase of the Tiwi Hydrogen Project is targeted for 2023, with the first hydrogen export to begin in 2026, subject to all commercial and regulatory permissions and customer offtake.

Today, the stock GEV traded 5.555% higher at AU$0.142 per share at 3:00 PM AEDT.

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Bottom Line:

The strategic motive for GEV to create a landmark upstream renewable energy and green hydrogen production project is to provide further confidence in the commercialisation of GEV's shipping solution.

In addition, this project can transform GEV from a midstream service provider to an innovative hydrogen company. The Tiwi Project leverages the unparalleled benefits of GEV's compressed hydrogen shipping solution, indicating no need for expensive onshore hydrogen storage and minimal battery storage.

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