- Global Energy Ventures (GEV) is developing a compressed hydrogen ship to transport clean, renewable energy to the Asia Pacific region
- The ship will store up to 2000 tonnes of compressed hydrogen and is being designed to align with the American Bureau of Shipping rules and guidelines
- Hydrogen is a clean-burning gas which can be used for energy storage, heat, transport and industrial processes
- Historically, it has been produced from coal and natural gas, however, there has been a global shift on producing green hydrogen to achieve ‘net-zero carbon’ targets
- GEV’s goal is backed by Australia’s National Hydrogen Strategy which includes funding support of $500 million
- Additionally, the Australian Government recently announced it will invest $1.9 billion over the next decade in five new energy technologies, with hydrogen as the priority
- Company shares are up 8.33 per cent and are trading for 6.5 cents
Global Energy Ventures (GEV) is positioning itself as a pioneer for marine transportation of clean, renewable energy.
The company is developing an innovative compressed hydrogen ship aligning with the American Bureau of Shipping (ABS) rules and guidelines.
The ship and its cargo containment system are in the patent process and the company expects to receive broad patent protection. Specifically, the containment system will include temperature hydrogen at a target pressure of 3600 pounds per square inch (psi). The ship will have a storage capacity of up to 2000 tonnes of compressed hydrogen.
Detailed engineering and design plans for the ship will be lodged as part of the ABS Approval in Principle process in early 2021.
GEV is confident it will qualify for Australian research and development funding for the new compressed hydrogen ship as its CNG Optimum ship successfully received the funding in 2018-2019.
“In our view, the application of GEV’s compressed hydrogen vessel will be very competitive against other marine transport options, particularly to Australia’s regional Asia Pacific customers,” Executive Director of Corporate and Finance Martin Carolan said.
Hydrogen is a clean-burning gas that can be used for energy storage, heat, transport and industrial processes.
Historically, production has come from fossil fuels such as coal and natural gas, with a combination of carbon and capture and storage to produce brown and blue hydrogen. However, there has been a global shift in producing green hydrogen as a renewable energy source to achieve ‘net-zero carbon’ targets.
Green hydrogen is used as a high-energy density fuel source that doesn’t emit carbon dioxide or greenhouse emissions.
“To be focussed on a new class of vessel to transport hydrogen is now timely given the global push by governments and major corporates to focus on ‘net-zero carbon’ policies, with hydrogen as a pillar for decarbonising heavy carbon emission industries,” Executive Chairman and CEO Maurice Brand said.
Australia is currently a world-leader with a National Hydrogen Strategy that supports the establishment of ‘hydrogen hubs’ for production and export to major energy trading partners in the Asia Pacific.
The National Hydrogen Strategy also included funding support of $500 million to develop projects and markets for domestic use and future export markets. Additionally, the Australian Government recently announced plans to invest $1.9 billion in five new energy technologies, with hydrogen as the priority, over a 10-year period.
Global Energy Ventures is now in the process of identifying suitable projects that have passed the pilot stage of hydrogen production and have an export strategy from northwestern Australia to the Asia Pacific region.
Company shares are up 8.33 per cent and are trading for 6.5 cents just after midday trade.