Global Energy Ventures appoints new chairman following ‘transformational’ December quarter

Global Energy Ventures ASX GEV Greg Martin new chairman hydrogen
In the last quarter Global Energy Ventures has shifted its focus to developing green hydrogen projects.

Global Energy Ventures (ASX: GEV) has appointed Greg Martin as an independent, non-executive director and new chairman of the board.

Mr Martin has prior board and executive roles with listed and unlisted companies including Spark Infrastructure Group, Santos (ASX: STO), Australian Energy Market Operator, Energy Developments and Natural Gas Corporation of New Zealand.

His current non-executive roles include serving as chair of Iluka Resources (ASX: ILU), Mawson Infrastructure Group and Hunter Water Corporation, and deputy chair of Western Power.

Mr Martin spent 25 years with AGL Energy (ASX: AGL), five of which were in the role of chief executive officer and managing director.

He then moved over to financial services group Challenger (ASX: CGF) where he assumed the role of chief executive officer for the company’s infrastructure division, followed by a stint at Murchison Metals as chief executive officer and managing director.

Mr Martin will bring to Global Energy Ventures more than 40 years’ domestic and international experience across major energy, utilities, financial services and private equity firms with a focus on business transformation and restructuring.

His governance, risk management, major project management and financial management experience will assist in the development of the company’s intellectual property and hydrogen projects including the efficient and competitive delivery of green hydrogen using bulk marine carriers.

High calibre appointment

Managing director Martin Carolan said Mr Martin’s appointment was a “high calibre” move which would contribute to the next stage of Global Energy Ventures’ growth.

“[We] undertook an extensive search for a suitable candidate to bring energy and drive to our group and I feel Greg’s appointment will play an important role in [our] growth given his deep expertise across [different] sectors and company sizes,” he said.

“Greg complements the skills, experience and composition of our existing board [and we will] benefit from his track record of growing businesses and delivering shareholder returns in executive and non-executive roles over the course of his career.”

Remuneration

Mr Martin’s appointment commences today, with outgoing chair Andrew Pickering continuing to serve as an independent, non-executive director.

Subject to shareholder approval, his remuneration will include the issue of 2 million fully paid ordinary shares under Global Energy Ventures’ employee share plan, for nil consideration.

Half of the shares will be subject to voluntary escrow for 12 months from the date of issue while the remainder will be subject to the same for 24 months.

Quarterly performance

The appointment follows a strong December quarter for Global Energy Ventures, where it made significant progress on the HyEnergy and newly-launched Tiwi green hydrogen export projects, as well as its pilot compressed hydrogen shipping technology.

In October, the company announced the development of the Tiwi project with a phased solar generation capacity up to 2.8 gigawatts producing up to 100,000 tonnes per annum of green hydrogen for export to the Asia-Pacific region.

The project will transition Global Energy Ventures into a fully-integrated green hydrogen production and export company, and is expected to help advance the development of its fleet of 430-tonne compressed hydrogen ships.

“The December quarter delivered a transformational shift in [our] strategy to become an innovative and fully integrated developer of green hydrogen projects,” Mr Carolan said.

“Moving into the upstream production of green hydrogen can accelerate the demonstration of compressed hydrogen’s simplicity and efficiency for the bulk scale marine transport of hydrogen from Australia [and] has positioned us to benefit from a first-mover advantage in the delivery of a pure, gaseous, green hydrogen within the Asia-Pacific.”

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