Patriot’s clean, green hydrogen dream finds a lot of favour with investors
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Investors have demonstrated their support for Patriot Hydrogen and its progress towards installing the first portable hydrogen production units for Kimberley Clean Energy.
The modular hydrogen production unit will form part of Kimberley Clean Energy’s fossil fuel substitution strategy, with plans to add a hydrogen system in the next stage.
Besides funding the delivery of more Patriot units, the oversubscribed A$1m raising, which was driven by lead broker Baker Young, will also underpin the company’s planned initial public offering in the third quarter of 2022.
Managing director Mark Roberts is happy but unsurprised by the strong response from the raising, noting the company’s proven technology makes green hydrogen production possible in previously inaccessible locations.
“This carbon-negative process for generating renewable energy and hydrogen through biomass will revolutionise the market and help companies transition to a green energy strategy while cutting costs along the way.”
Patriot is contracted to supply 75 Patriot modules to Kimberley Clean Energy with the first units to be used at the Kilto Station, where Kimberley Clean Energy co-founder Jack Burton recently started a small abattoir to service markets around the Kimberley and Pilbara.
These units will be used to operate the Kilto Station’s abattoir, irrigation and homestead complex and assist in diverting a waste stream into a fertiliser product for the irrigation and farming lands.
Kimberley Clean Energy will seek energy supply contracts across the Kimberley over the next five years for the remaining Patriot units.
Patriot’s modular units work by slowly heating different types of biomass waste feedstock in an oxygen-starved chamber to create biochar and hydrogen which can power farms, construction sites, remote communities, military bases and more.
It is also capable of producing ammonia, replacing the need to import higher cost urea as a fertiliser.
Importantly, the modularity of the units means they can be used for small applications yet be easily scaled up for organisations trying to transition to a net zero model.
“Before the emergence of the Patriot units, companies had to invest in multi-billion dollar centralised facilities, which are highly expensive to run,” Roberts added. “In some cases, it can replace the use of fossil fuels completely offsetting thousands of tonnes of carbon being polluted into the atmosphere each year.”
The Patriot units can operate different feedstocks and allow users access to multiple markets that are seeing enormous growth:
Under a joint venture agreement, Singapore’s CAC-H2 will be the exclusive technical and mechanical advisor and supplier to ensure the capabilities of the Patriot units.
Roberts concluded that in the next 12 months, the company will look to sign supply deals and work with its partners to deliver more Patriot units that will help companies harness renewable energy to support decarboniszation of the economy.
This article was developed in collaboration with Patriot 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.