PERTH (miningweekly.com) – Hydrogen developer Global Energy Ventures (GEV) will raise A$10-million through an institutional share placement to fund the development of its Tiwi green hydrogen project, in the Northern Territory.

GEV in October unveiled plans to develop a green hydrogen export project on the Tiwi Islands, with a phased capacity of up to 2.8 GW, producing up to 100 000 t/y of green hydrogen for export.

GEV is proposing a staged approach to construction, with an initial development phase of 0.5 GW of installed solar generation, expanding to 2.8 GW as the regional hydrogen market grows, as well as benefitting from the ongoing cost and efficiency improvements in photovoltaics, electrolysers and shipping.

The Tiwi hydrogen project will deliver a fully integrated green hydrogen production and export supply chain, commencing with a fleet of GEV’s 430 t compressed hydrogen ships.

The company on Thursday announced that it had received binding commitments from institutional, sophisticated and professional investors for the placement of 80-million new shares, at a price of 12.5c each, representing a 10.5% discount to the company’s 15-day volume weighted average share price and a 2% premium to its 30-day volume weighted average share price.

The placement will be settled in one tranche under the company’s existing placement capacity.

“The company is delighted to have attracted a number of new offshore institutional investors to the register, along with the ongoing support of existing and new Australian funds,” said GEV MD and CEO Martin Carolan.

“The company’s launch into upstream green hydrogen production with the Tiwi green hydrogen project provides a unique investment opportunity as the company positions compression as a first mover advantage into the production, storage and transport of hydrogen. The capital raising will accelerate the development of the Tiwi green hydrogen project while also supporting our ongoing engineering, approvals and commercialisation for our proprietary ship design.”

GEV on Thursday said that it would also undertake a share purchase plan (SPP), allowing existing shareholders to subscribe for up to A$30 000 worth of additional shares in the company, to raise a further A$2-million.

The SPP will open on November 22 and close on December 6.