Global Energy Ventures collars approval in principle for compressed hydrogen shipping solution ahead of schedule

Global Energy Ventures (ASX: GEV) has collared approval in principle (AIP) from the American Bureau of Shipping months ahead of schedule for its “world first” compressed hydrogen ship’s containment system.

The company has designed and filed a patent for a ship capable of transporting 2,000 tonnes of compressed hydrogen (C-H2) across distances from 2,000 nautical miles to 4,500 nautical miles.

To shore up this technology, Global Energy Ventures has also devised the requisite supply chain infrastructure to support its proposed emission-free hydrogen transport solution.

In de-risking its hydrogen shipping technology, Global Energy Ventures had applied to the ABS for AIP in November last year, with AIP not anticipated until the June quarter.

Global Energy Ventures executive director Martin Carolan told Small Caps securing AIP for the containment system earlier than planned was “very good news” as it was a critical de-risking milestone for the company’s C-H2 supply chain strategy.

“This approval results from our team’s engineering efforts over the past year and is a major step forward in the overall approval process for our C-H2 supply chain.”

“This unique compressed hydrogen containment system provides a low-cost solution for the marine transportation and export of large volumes of hydrogen.”

Confirmed safe

In securing AIP, the ABS’ focus was on the design and safety of the C-H2 containment system.

On the safety side of the approval process, a Hazard Identification Analysis was undertaken and comprised a review of design features in light of all potential operational procedures and hazards as well as accidental situations.

The objective was to identify and classify all risks associated with the ship’s design and operations.

Mr Carolan pointed out “that as a result of the ABS work there were no unresolvable or unmitigable risks identified that would prevent further successful development of the C-H2 ship.”

Full class approval from ABS and commercialisation plans

Securing AIP paves the way for Global Energy Ventures to progress its C-H2 shipping technology to gaining full class approval from the ABS, which then opens the door for commercialisation.

“The receipt of AIP and accompanying road map to full class approval has materially de-risked the path forward technically and commercially,” Mr Carolan explained.

As part of this, Mr Carolan said the company was “in discussions” with parties to evaluate the C-H2 supply chain for future hydrogen export projects.

He added Global Energy Ventures is also looking at suitable sites for the development of its own pilot scale renewable green hydrogen project for a fully integrated green C-H2 supply chain.

Initially, Global Energy Ventures is focused on exporting compressed hydrogen from WA and Queensland to South East Asia with international markets potentially including Singapore, Japan, China and South Korea.

A scoping study released last month into the proposed C-H2 supply chain concluded it was “simple and efficient” with “minimal technical barriers” to commercialisation in the next five years.