A novel ship design to carry Australian hydrogen to markets in North Asia is nearer construction with the completion of a capital raising by Global Energy Ventures.
The company which develops compressed natural gas and hydrogen marine transport solutions, has raised $6.3 million in a share placement to institutional and sophisticated investors.
The proceeds will be used for business and supply chain development and working capital.
GEV’s Compressed H2 Ship (C-H2 Ship, pictured) is designed to support the transport of hydrogen as a green energy fuel, largely to replace LNG exports which are a major part of Australia’s current export profile.
“Hydrogen’s role in the future energy mix will greatly assist governments and corporations with their respective net-zero carbon targets through decarbonisation of heavy emitting industries.”
The company’s second design is its CNG Optimum
GEV executive chairman Maurice Brand said the offer had been supported by new and existing investors.
“The company is now comfortably funded to continue with business development opportunities for CNG Optimum and support and accelerated development program for the new C-H2 supply chain and ship for the hydrogen economy.
“(This) continues to receive global interest in the application of compression for both onshore and offshore loading and export applications for hydrogen.”
The C-H2 Ship is designed with storage capacity of up to 2,000 tonnes of compressed hydrogen at 250 bar.
The American Bureau of Shipping and Capilano Maritime have been engaged to deliver ‘Approval in Principle’ (AIP) for the4 design in 1H 2021.
Picture: Global Energy Ventures
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