Elixir Energy and SB Energy progress plans to co-develop Mongolian green hydrogen project.
Elixir Energy Ltd (ASX:EXR) and SB Energy Corp are making significant progress towards the co-development of the Gobi H2 Green Hydrogen Project in the resource-rich South Gobi region of Mongolia.
The two parties have signed a term sheet which builds on a Memorandum of Understanding (MoU) executed in June last year to progress investigations into the feasibility of the Gobi H2 project.
The key purpose of the term sheet is to provide an exclusive framework for the companies to advance towards entering into a formal joint development agreement and a 50/50 joint venture upon the making of a FEED entry decision for a green hydrogen pilot project by mid-2023.
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SB Energy Corp, a wholly-owned subsidiary of SoftBank Group, is a leading renewable energy company in Japan.
SBE operates Tsetsii Wind Farm, a wind power plant generating 50 megawatts in the Gobi Desert through a joint venture established in Mongolia and wishes to explore the possibility of utilising renewable energy resources in the country to develop green hydrogen energy.
First mover advantage
Neil Young, Elixir managing director said:
We are delighted with the progress of our Gobi H2 project and with our maturing partnership with a company of the quality of SB Energy.
“All the work we have done since the signing of last year’s MoU has supported our original thesis that the South Gobi region of Mongolia is a tier-one location globally for green hydrogen production – and we are building significant first mover advantages here.”
“We look forward to further progressing our partnership with SBE in the months ahead.”
Elixir Energy and SB Energy progress plans to co-develop Mongolian green hydrogen project, February 21, 2023
