Pure Hydrogen takes major step to becoming a major hydrogen provider
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Pure Hydrogen has signed a deal that takes it closer to the rollout of hydrogen gas as a clean and sustainable alternative to petroleum and diesel.
Clean energy company Pure Hydrogen (ASX:PH2)’s effort to roll out a hydrogen network across the east coast of Australia has taken a further step, with the signing of a MoU agreement with a leading hydrogen player, H2H Energy.
The deal will see H2H providing supply and maintenance services at refuelling outlets at some of Pure Hydrogen’s proposed sites.
H2H has a headstart on the supply side of the equation given that it has already built a low cost, mobile hydrogen refueler, with 350 and 700 bar refuelling capability.
The mobile refueler has been operational with a number of other clients for the last 18 months.
H2H has already supported the delivery of multiple hydrogen refuelling stations throughout Australia, New Zealand and further abroad.
Its services include design, construction, and installation, and has major clients with the likes of Toyota Motor Australia and Hyundai Australia.
Pure Hydrogen plans to develop a network of hydrogen refuelling hubs on the east coast of Australia.
The planned sites are to be used to refuel motor vehicles, especially trucks that are powered by hydrogen gas, at the required pressure of 35 or 70 MPa.
In today’s agreement, H2H’s refuelling stations are expected to be supplied to Pure Hydrogen when the first refuelling station is planned to commence operation, at this stage within ~18 months.
Part of Pure Hydrogen’s strategy to become the largest hydrogen producer in Australia is to develop large scale hydrogen plants on the east coast of Australia.
These ports have been specifically chosen as they are near transport hubs which have established infrastructure, and good connection to the electricity grid.
Being close to the ports is also ideal for the company’s export plans, with Asia’s – especially Japan’s and Korea’s – markets in its sight.
To build out the plants and refuelling network, Pure Hydrogen has recently tapped institutional investors for $9.4 million.
As such, the company is currently very well funded with cash of $11.25 million as at 31 March 2021, with a continuing focus on tight cost control.
This article was developed in collaboration with Infinite 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.