Global Energy Ventures gears up for next development phase of compressed hydrogen shipping technology

Global Energy Ventures ASX GEV 2022 compressed hydrogen ship development Capilano Maritime Design
Global Energy Ventures has secured Capilano and Wartsila to advance the compressed hydrogen shipping concept design to a detailed contract design package.

Global Energy Ventures (ASX: GEV) is gearing up for the next phase in developing its propriety compressed hydrogen shipping technology after it awarded the contract design package to Capilano Maritime Design and Wartsila.

Under the agreement, Capilano and Wartsila will advance the previously completed concept design to a detailed contract design package.

The contract design package and approval in principle from the American Bureau of Shipping (ABS) will pave the way for Global Energy Ventures to advance negotiations with shipyards of interest and engage in “effective discussions” relating to design features, costs and construction schedules.

Global Energy Ventures managing director and chief executive officer Martin Carolan said the appointments of Capilano and Wartsila were a continuation on the company’s successful concept design phase this year, which resulted in ABS approval in principle for both its proposed 430 tonne and 2,000 tonne ships.

Capilano and Wartsila will work with Global Energy Venture’s naval engineering team in Canada.

Construction pathway

Mr Carolan said the 2022 engineering program was key to Global Energy Ventures securing approval for construction in the first half of 2023.

Capilano will support Global Energy Ventures in the next phase of approvals with ABS.

Construction approval will be the pre-cursor to finalising the newbuild ship contract, which Global Energy Ventures says will coincide with financial close on a compressed hydrogen project.

To assist the company’s discussions with shipyards and selection of a construction partner, Global Energy Ventures has secured Clarkson Platou.

“Clarkson is the world’s largest ship broker and successfully advised the company back in 2019 for our CNG (compressed natural gas) program,” Mr Carolan said.

In parallel to constructing its first compressed hydrogen ship, Global Energy Ventures is advancing its Tiwi green hydrogen project in the Northern Territory.

Mr Carolan said the company’s goal is to use its compressed hydrogen ships to export green hydrogen from the project starting in 2026.

He added if this is successful it would be the first exports of large-scale green hydrogen gas from Australia.

    Join Small Caps News

    Get notified of the latest news, interviews and stock alerts.