Hazer Group signs MOU with Suncor Energy and FortisBC Energy for low carbon hydrogen facility in Canada.
Hazer Group (HZR) has signed a memorandum of understanding with Suncor Energy and FortisBC Energy to develop a low-carbon emission hydrogen production facility.
The Canada-based facility will utilise the company’s Hazer Process technology, a low-emission hydrogen and graphite production process. The technology allows you to convert natural gas and similar methane feedstocks into hydrogen and high-quality graphite using iron ore as a catalyst.
The facility will process natural gas feedstock to produce 2500 tonnes of low-carbon emission hydrogen per annum and about 9000 tonnes of synthetic graphite by-product.
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As part of the collaboration, the companies will conduct a feasibility study, secure funding, and finalise the binding agreements required to develop the project.
Each company will have their own responsibilities. Suncor will lead the initial feasibility study, engineering, and construction phases of the project, and on completion, will operate the facility.
FortisBC will supply natural gas feedstock to the project and will purchase the hydrogen produced from the facility. Hazer will supply its namesake processing technology, lead engineering relating to the core Hazer technology components, and manage the supply of the catalyst.
In addition, all parties have agreed to negotiate a technology access agreement, which would see Suncor and FortisBC have exclusive access to the Hazer technology for further development in Canada and Colorado. Thanks for staying up to date with Hydrogen Central.
Hazer Group CEO Geoff Ward said he was pleased to be collaborating with two Canadian energy companies committed to decarbonisation opportunities.
Geoff Wars, CEO, said:
The proposed hydrogen project will materially advance the Hazer technology building on the work that we are doing at the current Hazer Commercial Demonstration Project at Woodman Point in Perth, Australia
“Canada is an excellent jurisdiction for the Hazer technology, with strong platforms and incentive programs to drive decarbonisation action, access to a well-priced low carbon intensity electrical grid and strong demand for low-carbon energy across power, heating and industrial sectors.”
The feasibility study stage will begin this month and a final investment decision is expected in 2023. Operations are targeted to commence in 2025.
Highlights:
- Hazer Group (HZR) has partnered with Suncor Energy and FortisBC Energy to develop a low-carbon emission hydrogen production facility in Canada
- The facility will utilise Hazer’s namesake technology to convert natural gas feedstock for the production of low carbon emission hydrogen and a synthetic graphite by-product
- Hazer CEO Geoff Ward says Canada is an “excellent jurisdiction” for the Hazer Process due to the strong demand for low-carbon energy across different sectors
- The companies will commence the feasibility study stage this month and a final investment decision is expected in 2023
- Hazer shares are up 11.1 per cent to trade at $1.06
Hazer Group (ASX:HZR) signs MOU for low carbon hydrogen facility in Canada, February 11, 2022
