PERTH (miningweekly.com) – Clean energy developer Pure Hydrogen Corporation has executed a convertible note purchase agreement with biomass energy solutions provider CAC-H2 to partly fund the construction of a hydrogen plant at Moreton Bay, in Queensland, during 2023.
Under the terms of the agreement, Pure will initially fund 25% of the construction of a biomass waste to hydrogen plant at a cost of A$3.2-million, with an option to fund a further 25% of the project at its discretion.
The funds will be provided in tranches over the next 12 months.
The proposed plant will produce hydrogen from the conversion of woody biomass that would be otherwise burnt or dumped in landfill. The Moreton Bay project represents the initial facility in a proposed network of hydrogen energy hubs to be developed by Pure and CAC-H2 across Australia’s east coast.
Pure Hydrogen is planning to expedite the plant development to secure hydrogen offtake supply to customers in south-east Queensland during 2024.
“This funding agreement marks an important step forward for the Moreton Bay hydrogen hub and has been executed within the timeline that was previously set out between the parties,” said Pure Hydrogen MD Scott Brown.
“With this funding, Pure Hydrogen is seeding what is likely to be the first of many plants located on the East Coast of Australia. We are creating a template that can be easily replicated across multiple sites and this will become evident as the year unfolds.”