Global Energy Ventures,(GEV) provide the following update on the development of a new compressed hydrogen ship (C-H2 Ship) to transport the zero-carbon fuel of the future.
About Pacific Hydro
Founded in 1992, Pacific Hydro Australia is a leading owner, operator and developer of renewable assets. It operates a high quality and diverse portfolio of wind, hydro and solar assets with an installed capacity of +660 MW.
As well as a substantial pipeline of renewable projects totalling over 1 GW of potential capacity and several energy storage solutions, Pacific Hydro also owns a growing electricity retail business, Tango Energy.
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Pacific Hydro was acquired by the State Power Investment Corporation (SPIC) in January 2016. SPIC is one of the top 5 power generation groups in China, with USD 154 billion total assets and installed capacity that exceeds 131 GW. SPIC has a presence in 36 countries.
About global energy ventures LTD
Global Energy Ventures Ltd was founded in late 2016, with the Companyâs mission to create shareholder value through the delivery of integrated compressed shipping solutions transporting energy to regional markets. The business model is to build, own and operate integrated energy transport projects for either natural gas or hydrogen.
The primary focus is the development of integrated Compressed Natural Gas (CNG) marine transport solutions with the Companyâs construction ready CNG Optimum ship. CNG is a well proven gas transport solution with design and commercial advantages along with being safe and a âlower emissionâ solution for the transport of gas than in the form of liquified natural gas (LNG).
With the worldâs focus on Energy Transition to zero-carbon fuels, the Company has also introduced the worldâs first large-scale Compressed H2 Ship (C-H2 Ship) design that will support the transport of hydrogen as a green energy fuel of the future.
Hydrogenâs role in the future energy mix will greatly assist governments and corporations with their respective ânet-zero carbonâ targets through the decarbonisation of heavy emitting industries.
Value creation for shareholders will be achieved by:
âď¸ Continue to maintain global leadership in marine pressure vessel designs and intellectual property.
âď¸ Pursue a portfolio of CNG Optimum projects to improve and mitigate against binary outcomes and offer CNG project stakeholdersâ flexible commercial arrangements.
âď¸ Advance the future transport of green energy through the development of the C-H2 Ship.
âď¸ Employ world class management and staff that are leaders in their chosen discipline.
âď¸ Maintain the highest standards of efficiency, safety and environmental responsibility.
Martin Carolan, Executive Director commented: âGEV is delighted to enter into this Memorandum of Understanding MOU with Pacific Hydro given its long-term success in operating a renewable energy business that is backed by a shareholder group with a global focus on renewable energy.”
The proposal to locate a green hydrogen facility in the East Kimberley powered by the Ord Hydro Plant can advance the development of one of Australiaâs first green hydrogen operations
“That is ideally located in the North West of WA, in proximity to two ports that will be studied future export of green hydrogen to nearby Asian markets. The Company looks forward to providing regular updates as the MOU progresses through the course of 2021.â
Pacific Hydroâs Director of Strategy and New Business, James Miller-Randle commented: âAlmost twenty-five years after the Ord Hydro Plant first began generating electricity, Pacific Hydro is thrilled to enter into an MOU with GEV to explore export opportunities for a renewable hydrogen plant connected to the Ord Hydro power station.”
“The project is currently under development and we are looking forward to engaging with the local traditional owners, Miriuwung Gajerrong and broader community, as well as other key stakeholders as we continue to progress this exciting project.â
MOU SIGNED WITH PACIFIC HYDRO FOR EXPORT OF GREEN HYDROGEN, January 20, 2021
