The Global Energy Ventures Ltd (ASX: GEV) share price is on the move today. This comes after the energy solutions company secured a renewable hydrogen grant from the Western Australian government.
At the time of writing, Global Energy shares are up 22.22% to 8.8 cents apiece.
Global Energy chosen for feasibility funding
According to its release, Global Energy advised it has successfully secured funding support of up to $300,000.
Global Energy will undertake a feasibility study on the export of green hydrogen utilising its compressed hydrogen shipping solution. This will see clean renewable energy transported from the HyEnergy Project, located in the Gascoyne, to Asia-Pacific.
Early preparation work and site assessment has since been completed with key appointments of technical and environmental advisors next up.
The scope of the project includes the transport of hydrogen from onshore compression facilities to an offshore ship loading buoy. From there, the hydrogen will be distributed to nominated Asia-Pacific markets using Global Energy’s compressed hydrogen ships.
It is expected the project will be online within the first-half of the 2022 financial year.
Global Energy managing director and CEO Martin Carolan commented:
One of the strategic focus areas for the WA Government’s Hydrogen Strategy is Export. GEV, together with the HyEnergy Project partners, aims to harness WA’s world class renewable energy resources and proud history of exporting energy to international markets, to develop the first green hydrogen export project using our compressed shipping supply chain.
More on the compressed hydrogen ship and zero-carbon marine transport
Global Energy noted that compression is a proven, safe and reliable method of storing hydrogen. It is currently used for onshore applications at pressures of up to 700 bar.
The ship design stores hydrogen in a gas form thus avoiding the energy and capital-intensive processes to convert hydrogen to a liquid or chemical state.
In future, compressed hydrogen shipping will focus on developing a zero-emission supply chain through the use of electric drive engines powered by onboard fuel cells.
Global Energy share price summary
Over the last 12 months, Global Energy shares have accelerated 83% higher but are not quite so impressive year-to-date, up 11%.
Global Energy presides a market capitalisation of roughly $41 million, with approximately 457 million shares on its registry.
The post Global Energy (ASX:GEV) share price leaps 18% on green hydrogen grant appeared first on The Motley Fool Australia.
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More reading
- Here’s why the Global Energy (ASX:GEV) share price is leaping higher today
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