Hexagon Energy closes in on Pedirka hydrogen project acquisition
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Clean energy company Hexagon Energy Materials has acquired 99.57 per cent of shares in Pedirka Blue Hydrogen Project owner Ebony Energy.
Hexagon Energy Materials (ASX:HXG) has moved to compulsorily acquire the remaining 0.43 per cent of shares in Ebony Energy that it does not currently own.
The company’s off-market takeover offer for Ebony Energy closed on Friday, at which time Hexagon Energy Materials had received acceptances from 90 per cent of Ebony shareholders.
A compulsory acquisition notice for Ebony Energy has been lodged with the Australian Securities and Investment Commission by Hexagon Energy Materials.
Once the acquisition is finalised, Hexagon Energy Materials will start a pre-feasibility study of the Pedirka Blue Hydrogen Project that covers 800km2 of tenement in the Pedirka Basin in the Northern Territory.
The pre-feasibility study for the Pedirka project is expected to be completed later this year.
Hexagon Energy Materials plans to implement the Pedirka Blue Hydrogen Project using a zero-carbon emissions steam reformation process.
Blue hydrogen uses carbon capture and storage to eliminate carbon emissions from its production process.
The company is working with government and private sector bodies to install agreements that accelerate the project to production of hydrogen to meet projected growth in demand in the Asia-Pacific region.
Hexagon Energy Materials also has its McIntosh project for graphite, nickel and platinum group elements in WA, its Alabama graphite project in the US, and Halls Creek gold and base metals project in WA.
This article was developed in collaboration with Hexagon Energy Materials, 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.