The company has announced the beginning of a feasibility study into transporting hydrogen from Western Australia to markets in the Asia Pacific region using its compressed hydrogen ships.
Global Energy Ventures specialises in energy transportation. It is currently an early mover in the transportation of hydrogen.
Earlier today, the Global Energy share price jumped by 12% to 9.2 cents. It has since partially retreated to 8.7 cents, a 7.4% gain on its previous close.
Let’s take a closer look at the latest news from Global Energy Ventures.
Study into shipping hydrogen begins
The Global Energy share price is taking off on the back of a new study into transporting green hydrogen.
Hydrogen is labelled ‘green’ when it’s processed using renewable energy.
The feasibility study will look into the possibility of transporting hydrogen from Province Resources Ltd‘s (ASX: PRL) HyEnergy Zero Carbon Hydrogen Project using Global Energy Ventures’ compressed hydrogen shipping solution.
The study recently received up to $300,000 of funding from the Western Australian government.
It will integrate the HyEnergy Project’s proposed green hydrogen production facility, an onshore compression facility, and an offshore mooring and loading system.
Global Energy Ventures proposes to build the onshore compression facility and offshore terminal.
The study will also integrate a fleet of compressed hydrogen ships, like those owned by Global Energy Ventures, for marine transport. It will assess the potential to transport the green hydrogen to markets in the Asia Pacific region.
The study is expected to be finished in the June quarter of 2022.
Global Energy share price snapshot
This year has been particularly good to the Global Energy Ventures share price.
Right now, the company’s share price is 11% higher than it was at the start of 2021. It has also gained 48% since this time last year.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.
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