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- Global Energy Ventures (GEV) and Ballard Power Systems have laid plans to develop a hydrogen fuel cell system for GEV’s compressed hydrogen ship
- The ASX-lister and NASDAQ-lister have executed a memorandum of understanding to complete a final design and procurement for GEV’s C-H2 ship fuel system
- The memorandum is non-binding, with further details regarding potential costs of the project yet to be disclosed
- The companies say it represents a significant advancement towards creating zero-emission shipping technologies and decarbonising the maritime sector
- Global Energy Ventures is trading flat on the back of the announcement at 11.5 cents each
Global Energy Ventures (GEV) and Ballard Power Systems have laid plans to develop a hydrogen fuel cell system for GEV’s compressed hydrogen ship.
The companies have executed a memorandum of understanding for the partnership to complete a final design and procure all necessary approvals for a hydrogen-powered system to fuel GEV’s C-H2 energy transport ship.
Ballard Power, which is listed on both the Toronto and NASDAQ exchange, will be responsible for the design of the fuel cell system and aid GEV with the integration of the system into the design of the ship.
The Toronto-based company has six other hydrogen fuel cell-powered vessel projects currently underway.
Under its end of the deal, GEV will oversee design approvals, development, financing, operation of the C-H2 Ship and the integration of the required power system.
The memorandum is non-binding, with an expiry of December 31 2022. Further details regarding the potential costs of the project have not yet been disclosed.
In a broader context, the companies say it represents a significant advancement towards creating zero-emission shipping technologies, with hydrogen and fuel cells providing a compelling path to decarbonising the maritime sector.
The C-H2 Ship is touted as the world’s first large-scale compressed hydrogen vessel.
GEV Executive Director Martin Carolan described the partnership as a significant step.
“We look forward to working with Ballard Power Systems on the development of the C-H2 Ship’s fuel cell system and power requirements in line with our development program for a compressed shipping solution for hydrogen marine
transport at scale,” he added.
The company says it will provide regular updates on the project as it progresses through the course of 2021.
Global Energy Ventures is trading flat on the back of the announcement at 11.5 cents each at 2:14 pm AEDT.
