Former NT chief minister Adam Giles takes the chair at ‘early mover’ Pure Hydrogen
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Natural gas play and industry innovator Pure Hydrogen has appointed former NT chief minister Adam Giles as chairman to help drive green hydrogen goals for the company and its corporate customers.
Hydrogen (H2) is increasingly becoming an integral part of our push to net zero carbon emissions. Pure Hydrogen (ASX:PH2) believes large-scale adoption of hydrogen fuelled heavy transport vehicles across land, air and sea will be a primary driver for the industry’s growth.
PH2 could have hydrogen trucks on the move very soon, after reaching an agreement with waste management collection business JJ’s in March last year to supply hydrogen fuel cells for its >2,000 fleet.
The company says it’s positioning its business model to package up H2 devices with H2 fuel supply at a monthly fixed cost over a long-term time horizon.
The monthly cost – established on a per-client basis with each corporate customer – will be less than the monthly cost of new ICE devices burning imported diesel fuel.
This offers PH2 its customers a commercial incentive to transition to no-emissions and green H2 while improving their broader ESG scores.
Incoming chairman Adam Giles is expanding his roles in northern Australia to help push green hydrogen goals for Australia.
Already interim CEO for Australia’s richest person Gina Rinehart and her Hancock Agriculture and S. Kidman & Co businesses, Giles is taking a pivotal role with PH2 to help open doors between government and industry and facilitate the growth of the country’s emerging hydrogen sector.
“Pure Hydrogen is poised to benefit from the early-mover advantage that Ron and the team have been instrumental in establishing,” Giles says.
“I’m excited and grateful for the opportunity to serve as Chairman. My vision is to work with my fellow board members and the management team to ensure Pure Hydrogen has a solid foundation capable of navigating through both challenges and opportunities, with the goal to drive performance and create shareholder value.”
Outgoing chair Ron Prefontaine, who will still retain a seat at the table as non-exec chair, says Pure Hydrogen is the most successful business he has been involved with – even comparable to his involvement with Arrow Energy – which was subsequently sold for $3.5bn.
“Hydrogen has established the foundations to build a clean energy business of global scale. I pass the baton as chairman but am happy to stay on as a non-exec director to assist the company with its strategic growth plans,” Prefontaine says.
“I especially like that hydrogen can be manufactured anywhere, and Australia can have an ‘infinite’ supply of domestic fuel.
“Pure Hydrogen’s strategy aligns with how I envision the hydrogen industry progressing, through decentralised supply hubs that can increase production anywhere to meet demand and reduce the need for costly fuel transportation.”
This article was developed in collaboration with Pure Hydrogen, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.