Real Energy soars on deal with Hyzon Motors to build hydrogen refuelling chain
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Pure Hydrogen Corporation – a division of ASX-listed Real Energy (ASX:RLE) – has teamed up with US-based Hyzon Motors to develop a chain of hydrogen refuelling stations in Australia.
The companies have signed a memorandum of understanding (MoU) to work together to provide hydrogen solutions to customers in Australia such as the provision of Hyzon Motor’s hydrogen powered commercial vehicles and building a network of refuelling stations for hydrogen in Australia.
“This MoU with such an established and respected hydrogen fuel cell vehicle company like Hyzon is an outstanding development and excellent validation of our plans to develop a hydrogen focused energy business in Australia,” said Pure Hydrogen managing director, Scott Brown.
He added that the company has a number of other hydrogen-based initiatives underway as part of its growing Pure Hydrogen business.
Hydrogen is fast becoming a green energy fuel because of its lack of carbon emissions as governments around the world support the transition from fossil fuels to cleaner transportation technology such as EVs and hydrogen vehicles.
The Australian government is advancing various hydrogen projects through its National Hydrogen Strategy which aims to promote hydrogen as a mainstream technology by 2030.
“We see Australia as a key market for the integration of hydrogen power technology into hard-to-abate sectors such as heavy transportation,” said Hyzon Motors Australia director, John Feenan.
Hyzon Motors is a US company whose business strategy is to help heavy vehicle operators transition to cost effective, zero emission hydrogen fuelled vehicles without any compromise on performance.
“The MoU with Pure Hydrogen paves the way for both parties to boost the hydrogen infrastructure capabilities of Australia and propel the nation’s fleet operators towards a zero-emissions future,” he said.
Hyzon Motors has made significant commercial progress in markets in Asia, Europe and Australia and expects to further expand its zero emission mobility business model over the next few years.
The New York-based company was only formed last year within parent company Horizon Fuel Cell Technologies and supplies hydrogen fuel cell-powered commercial vehicles including buses, coaches and heavy duty trucks.
Australian customers will be able to hire Hyzon Motor’s commercial vehicles on a monthly basis in a package deal that includes the vehicle’s cost, services and hydrogen fuel.
Real Energy is an Australian energy company with interests in the offshore Cooper petroleum basin and Queensland’s Surat basin where it has a partnership with Strata X Energy (ASX:SXA) for a coal seam gas project.
The ASX company is seeking to develop a hydrogen business in Australia, and its 100 per cent owned subsidiary Pure Hydrogen is working with Hyzon Motors to offer hydrogen fuelled vehicles to Australian customers.
Oil refineries in Australia are under threat of looming closure as refined products production moves to Asian countries with larger oil consumption.
Kwinana refinery operated by BP in WA is to convert into an import terminal next year, and Australia’s three remaining east coast refineries are also at risk of conversion into import facilities, according to market experts.
The Australian government has pledged to keep open Australia’s remaining oil refineries with a package of support measures announced in September.
Australia’s hydrogen economy is a fast-growing sector that is attracting participation from a wide range of companies.
In July 2019, Woodside Energy (ASX:WPL) reached an agreement with Monash University to jointly invest more than $40m to explore the potential for hydrogen as a source of clean energy and carbon abatement.
Iron ore miner Fortescue Metals Group (ASX:FMG) also jumped on the bandwagon back in November 2018, signing a five-year partnership with the CSIRO to develop and commercialise hydrogen technology.
Global Energy Ventures’ (ASX:GEV) is constructing the world’s first ship for transporting hydrogen exports from Australia.
The ship’s innovative design will enable the C-H2 ship to carry compressed hydrogen, the zero-carbon fuel of the future, to customers in Asian markets.