- Lion Energy (LIO) pens a memorandum of understanding (MOU) with Censtar Group to explore opportunities for testing equipment for hydrogen filling stations in Australia
- The MOU for an initial one-year term forms part of Lion’s stage two strategy which will see hydrogen experts analyse optimal electrolyser locations in Australia
- Stage Two is anticipated to cost $500,000 from the company’s existing funds and is anticipated to be completed within six months
- However, Lion has advised that there is no certainty a suitable hydrogen opportunity will be identified, and therefore the MOU is non-binding
- Lion Energy was up 14.9 per cent, trading at 5.4 cents at 11:45 am AEST
Lion Energy (LIO) has signed a memorandum of understanding (MOU) to jointly explore opportunities for testing equipment for hydrogen filling stations in Australia.
The MOU was executed with Censtar Group for a one-year term to look into testing and operating the company’s equipment.
Censtar works to provide complete equipment solutions and management systems to gas stations. Censtar has held the top position in its industry within the Chinese market for the past 24 years and has been looking to expand its sale of hydrogen dispensers and ancillary hydrogen equipment in Australia.
“We welcome the opportunity to cooperate with Censtar and we will start by assisting Censtar obtain relevant regulatory approvals for their hydrogen refuelling and related equipment in Australia,” Lion’s Executive Chairman, Tom Soulsby said.
“Lion believes that the demand for such equipment will be significant and believes that developing relationships to secure preferential supply to support Lion’s Green Hydrogen strategy makes a lot of sense.”
Lion Energy says the signing of the MOU forms part of its stage two strategy, which involves establishing a team of hydrogen experts to systematically analyse optimal electrolyser locations in Australia and review the best value and fit for solar, wind and electrolyser technologies.
This stage is anticipated to set the company back $500,000 from its existing funds and is anticipated to be completed within six months.
However, Lion has advised that there is no certainty a suitable hydrogen opportunity will be identified. As such, the MOU is non-binding and does not oblige either party to proceed with any potential opportunity.
Lion Energy was up 14.9 per cent, trading at 5.4 cents at 11:45 am AEST.