Pure Hydrogen Sells 30% Stake in Botswana Serowe CBM Project.
Australian clean energy firm Pure Hydrogen Corporation Limited (ASX: PH2) has agreed to sell its 30% interest in the Serowe CBM project in Botswana to project operator Botala Energy Ltd (ASX: BTE). In exchange, Pure Hydrogen will receive 14.5 million fully paid ordinary shares from Botala Energy over two tranches, along with a $750,000 milestone payment if gas reserves exceed 50Pj of 2P.
This transaction simplifies Pure Hydrogen’s activities, allowing it to focus on expanding its hydrogen and H-drive operations, including a renewed 50:50 Joint Venture with Botala called Botswana H2. The joint venture aims to develop hydrogen production and refueling hubs, tapping into Botswana’s commitment to clean energy projects. Pure Hydrogen’s Managing Director, Scott Brown, emphasized the strategic move, while Botala Energy’s CEO, Kris Martinick, highlighted the opportunity for further development of the Serowe project.
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Pure Hydrogen Sells 30% Stake in Botswana Serowe CBM Project. source
