The new vessel, able to carry 430 tonnes of C-H2, will be a scaled version of a planned 2,000-tonne cargo hydrogen ship, which was approved for development in March this year.
By Elisha Newell
This aligns with the scale, timeline and downstream market opportunities for green hydrogen projects under consideration, both in the Asia Pacific and Europe.
A 430-tonne CH-2 carrier will help Global Energy capitalise on green hydrogen opportunities in Europe and Australia.
Global Energy Ventures Ltd (ASX:GEV) (FRA:WS9) has started developing a pilot-scale compressed hydrogen (C-H2) cargo ship to capitalise on green hydrogen opportunities across Europe and the Asia Pacific.
The new vessel, able to carry 430 tonnes of C-H2, will be a scaled version of a planned 2,000-tonne cargo ship, which was approved for development in March this year.
Ultimately, the 430-tonne vessel will enable Global Energy to meet a key target: host an operating fleet of CH-2 carriers by the mid-2020s.
More broadly, a new carrier will position the ASX-lister to facilitate supply and demand for green hydrogen between 2025 and 2030 — making this a world-first for scale hydrogen transportation by sea.
The new ship is forecast to enter construction in 2023 and first operate during the mid-2020s.
Paving the way
Global Energy managing director and CEO Martin Carolan said: “GEV’s design and development strategy for the 2,000-tonne ship proved that large commercial scale C-H2 ships are possible and paved the way for the development of a pilot-scale version.
“The 430-tonne ship is an ideal size to meet the needs of the current emerging H2 marine transportation industry and will ensure we establish ourselves in the marine transportation of green hydrogen.
“A pilot-scale ship will be complementary to partner discussions and GEV’s target to develop a fully integrated green hydrogen supply chain from Northern Australia.”
A new deal
Today’s announcement comes just one week after Global Energy signed a memorandum of understanding (MOU) with Germany’s ILF Consulting Engineers.
Under the agreement, both parties have committed to identify and develop green hydrogen projects in Europe and Australia that involve a CH-2 shipping solution.
ILF will also design export and import infrastructure to help load and unload the gas between destinations, while Global Energy will transport green hydrogen from port to port.
Carolan said: “GEV has identified Europe as a key market for the company’s C-H2 shipping and supply chain with the renewable energy sector growing at a rapid rate for some years.
“The MOU with ILF will establish GEV’s launch into Europe with one of the world’s leading engineering firms with expertise in the design and implementation of green hydrogen projects.
This MOU is valid until the end of next year, although it can be extended with both parties’ consent.
Opportunity in the EU
According to Global Energy, up to 85% of the world’s proposed green hydrogen projects are in Europe, with a large pipeline of gigawatt-scale assets all slated to reach operation by 2030.
In order to meet net-zero emissions targets by 2050, the European Union (EU) plans to establish 40 gigawatts of its own green hydrogen production capacity and secure the option to import another 40 gigawatts from outside the EU.
ILF business development manager Jens Kottsieper said he saw Australia as an important supplier of green hydrogen and there was a need to ship hydrogen to Europe on a large scale.
“Transporting large quantities of gases has been a topic that has kept us busy for over 50 years.
“We are glad to be able to complement our pipeline and hydrogen expertise with GEV’s expertise in low-cost transport by ship.
“With our joint support, gas really does flow.”
As it progresses development and explores opportunities for green hydrogen transportation across Europe and Australia, Global Energy’s leadership has promised to provide more details on key milestones in the coming quarters.
Originally published at Proactive investors