Hexagon Energy’s hydrogen project acquisition nears completion
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Clean energy company Hexagon Energy Materials has almost completed its acquisition of the Pedirka Blue Hydrogen Project in the Northern Territory.
Hexagon Energy Materials (ASX:HXG) board of directors declared its acquisition of the project as ‘unconditional’ after the offer closed on March 26.
The owners of the Pedirka Blue Hydrogen Project, Ebony Energy, have been issued with Hexagon Shares in exchange for over 98 per cent of Ebony shares as consideration for the transaction.
Hexagon Energy Materials said it will compulsorily acquire the remaining shares in Ebony Energy that have yet to respond to its acquisition offer.
Ebony Energy options holders have entered into cancellation deeds to cancel these in exchange for shares in Hexagon Energy Materials, this will result in an issue of 39,762 Hexagon Energy Materials shares to the holders of Ebony Energy options.
With the acquisition nearly complete, Hexagon Energy Materials will start a pre-feasibility study of the Pedirka Blue Hydrogen Project that covers 800sqkm of tenements 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.