Global Energy Ventures (ASX: GEV) has begun developing a pilot ship based on its compressed hydrogen (C-H2) technology, with the ship expected to be fully approved and construction ready by the end of 2022.
Global Energy Ventures managing director and chief executive officer Martin Carolan said development of the company’s pilot C-H2 ship was underpinned by its technology that has been advanced over the June quarter and previous periods.
“Our confidence continues to grow in our approach to a low-cost, modular solution for the establishment of a marine transport solution for hydrogen, and positioning Global Energy Ventures in the enviable position of being first to market,” he added.
To fund its activities over the next 12 months, the company has $6.5 million in the bank.
C-H2 June quarter milestones
During the June quarter, Global Energy Ventures achieved multiple milestones as it advanced its C-H2 supply chain solution.
The company inked a memorandum of understanding with German company ILF Consulting Engineers in late May.
Under the deal, the companies will explore green hydrogen opportunities in Europe and Australia using Global Energy Ventures’ C-H2 shipping and supply chain technology.
This agreement is in keeping with Global Energy Ventures identifying Europe as a key market for its technology.
Another MoU was secured with smart marine technology company Wärtsilä Australia, which will develop the propulsion system for the pilot C-H2 ship.
Wärtsilä will create an electric-driven system to promote a dynamic positioning capability to enable unassisted connect and disconnect of the C-H2 ship with near-shore loading buoys.
Additionally, Wärtsilä will also be responsible for the integration of power generation into the proposed ship using hydrogen-blended fuel cells.
“We look forward to outlining our plans for the development of a C-H2 project in the September quarter and exhibit the benefits of C-H2 and the timeline for commercialisation,” Mr Carolan said.
Compressed natural gas business case
Also during the June quarter, Global Energy Ventures completed a strategic review of a marine compressed natural gas (CNG) business model and opportunities within Brazil, the Americas, and the Middle East and Northern Africa.
Global Energy Ventures identified a pipeline of opportunities totalling 1 billion cubic feet per day of natural gas which would need a fleet of more than 20 CNG ships.
To pursue this further, Global Energy Ventures obtained an agreement with a US energy merchant during the June quarter.
This deal will see the energy merchant supply up to 200MMscf/d of gas over 20 years to support economic export of US gas using Global Energy Ventures’ CNG supply chain.
Another key change during the June period for Global Energy Ventures was Mr Carolan stepping up from his executive director role into that of managing director and chief executive officer.
Mr Carolan replaced Maurice Brand who has transition to non-executive chairman.
The leadership change is designed to drive Global Energy Ventures’ European market penetration.