- TNG Limited (TNG) and Malaysian-based green energy company AGV Energy sign agreement to develop hydrogen projects in Australia
- The companies plan to jointly and exclusively develop green hydrogen projects using AGV’s “HySustain” technology
- Today’s announcement stems from a heads of agreement signed by the parties in June to develop vanadium redox batteries
- Discussions have reportedly advanced on an initial project opportunity in Northern Australia close to key Asian energy markets
- Shares are trading 8.97 per cent higher at 8.5 cents each at 3:08 pm AEST
TNG Limited (TNG) has extended its relationship with Malaysian-based green energy company AGV Energy to develop hydrogen projects in Australia.
Through a project development agreement, the two companies plan to jointly and exclusively develop green hydrogen projects using the “HySustain” technology developed by AGV and its partners.
The technology has been developed to produce green hydrogen and oxygen using the electrolysis of demineralised water and 100% renewable energy.
It’s said to be well advanced following tests from a plant in Europe, with those tests designed to validate the plant’s operational and commercial feasibility.
In June, the companies signed a heads of agreement to collaborate on a proposed integration of vanadium redox flow batteries also using AGV’s technology.
Today’s announcement stems from this initial collaboration as the parties have reportedly advanced discussions of a stand alone green hydrogen project development strategy for Australia, which included the identification of an initial project opportunity in Northern Australia.
The companies intend to jointly scope, evaluate, plan and execute HySustain project opportunities in Australia through an incorporated joint venture company on the basis of an agreed development framework.
The objective of the JV is to develop such plants around Australia to diversify production and service green hydrogen demand and emerging regional markets.
While the initial focus is on Australia, there is also potential to branch out to Japan and South Korea.
TNG said AGV Energy was well advanced in discussions with potential hydrogen
off-takers in the region, including potential groups which have expressed preliminary interest in Australian green hydrogen off-take.
TNG’s Managing Director and CEO Paul Burton said the project development agreement was an exciting step towards the company’s delivery of its green energy strategy.
“This joint venture forms an important part of TNG’s program to reduce our carbon emissions and undertake proactive measures to embrace world-leading ESG standards and practices,” Mr Burton said.
“The momentum towards a hydrogen-based economy continues to grow in Australia and we are looking forward to the opportunity to play a role in this exciting sector through our association with AGV Energy.”
The company clarified that the joint venture with AGV was seperate to the work it was planning for development of technology to produce green hydrogen for potential application as the reduction agent in its proposed TIVAN processing technology at the Mount Peak project north of Alice Springs.
Shares were trading 8.97 per cent higher at 8.5 cents each at 3:08 pm AEST.