Green Energy: Global Energy Ventures jumps 20pc after hydrogen ship approved
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The American Bureau of Shipping (ABS) has issued an approval in principle (AIP) for Global Energy Ventures’(ASX:GEV) pilot-scale, 43t capacity compressed hydrogen ship.
GEV says the safe, energy efficient and cost competitive hydrogen carrier will help nudge multiple hydrogen greenfield export projects toward commercialisation.
In August, GEV inked a deal with the partners of the HyEnergy Project to undertake a feasibility study on exporting green hydrogen to markets in the Asia-Pacific region.
GEV will now work with ABS to progress the various engineering steps towards approval for construction.
Managing director Martin Carolan said this approval from ABS follows the AIP received earlier this year for a compressed hydrogen ship with a 2,000-tonne capacity.
“ABS is a leading classification society for gas carriers and GEV is looking forward to working with them to ensure that our compressed hydrogen ships continue to meet the highest safety standards,” he says.
“Marine storage and transport solutions are required for hydrogen to contribute to global decarbonisation ambitions.
“Efficient, safe and cost competitive marine transport solutions for high purity hydrogen are required before 2030 to enable the development of greenfield hydrogen supply chains at scale.
“GEV views the compressed hydrogen ship as a competitive carrier and the ideal scale to advance the commercialisation of several hydrogen greenfield export projects proposed or under development.”
The pilot scale compressed hydrogen ship is a Handymax sized gas carrier — which are relatively small and able to enter most ports — designed to support the requirements of greenfield hydrogen projects being established for export by the mid-2020s.
The ship is equipped with an electric drive propulsion system, using Wartsila’s highly efficient dual fuel (natural gas and hydrogen) engines powering generators coupled to two electric drive fixed pitch propellers. GEV is working with Ballard Power Systems to power the ships with marine fuel cells using 100% hydrogen, providing a zero-carbon shipping solution.
Discussions with several hydrogen development projects have reinforced GEV’s view that compression can provide a simple and energy efficient shipping solution between hydrogen suppliers and customers up to a shipping distance of 4,500 nautical miles.
Many of the outcomes of the scoping study released in March 2021 have provided a platform for commercial and technical discussions with third parties and GEV says it remains encouraged by the quality of organisations now making direct enquires about compression as an alternative to other carriers being assessed for FEED selection.