The Pure Hydrogen Corp Ltd (ASX: PH2) share price is fluctuating in morning trade, gaining 2% before dipping to its current level of 25 cents a share, down 2% on last Thursday’s close.
We take a look at the latest announcement from the ASX energy share below.
What did Pure Hydrogen report?
Pure Hydrogen shares are moving today after the company reported it has reached a term sheet agreement with Synergen Met Pty Ltd for a 50/50 Joint Venture (JV).
The new JV will use Synergen’s methane decomposition module to manufacture “turquoise hydrogen gas and value add carbon products” from methane at Pure Hydrogen’s 100% owned Venus coal seam gas (CSG) Pilot in Queensland.
Each module (initially there’ll be 1) can produce approximately 1,400 kilograms of hydrogen and 4,200 kilograms of value-add carbon product if they’re run around the clock.
The modules come in standard 12 metre shipping containers. Pure Hydrogen highlights this will enable them to become fully operational quickly and also enable the JV to place additional modules in areas with enough methane to “support the growing domestic and international hydrogen markets”.
According to the release, Synergen’s technology uses a “propriety plasma pyrolysis process” to decompose methane into hydrogen and solid carbon products. The process has the potential to emit virtually no greenhouse gases, if the electricity is provided from renewable sources.
Commenting on the JV agreement, Pure Hydrogen’s Managing Director Scott Brown said:
This is a very promising commercial development for Pure Hydrogen and for Synergen as we are combining proven technology with a methane resource to produce hydrogen and solid carbon products, which potentially adds another valuable revenue stream to Pure Hydrogen’s business and an exciting technology angle to Pure’s Strategy.
Pure Energy stated that the JV will reinforce its strategy to build a series of hydrogen storage and distribution hubs.
Pure Hydrogen share price snapshot
Pure Hydrogen shareholders made out well over the past 12 months, with shares in the ASX energy company up 390%. By comparison the All Ordinaries Index (ASX: XAO) is up 34% in that same time.
Year-to-date the Pure Hydrogen share price is up 172%.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
More reading
- Why the Pure Hydrogen (ASX:PH2) share price sank 10% today
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Up 390% in 1 year, why the Pure Hydrogen (ASX:PH2) share price is seesawing today appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3sTaRyb
Leave a Reply