The Australian company’s H2 ship will have a storage capacity of up to 2,000 tonnes of compressed hydrogen and use hydrogen-powered fuel cells for propulsion.
According to Global Energy Ventures (GEV), as part of the development process smaller capacity ships will be evaluate based on specific pilot export projects.
The company is looking to begin the Approval in Principle process for the vessel with class society ABS in the first half of 2021.
As a country, Australia is taking a lead on exploring the energy potential of hydrogen. It has put a National Hydrogen Strategy in place which includes the development of hydrogen hubs for production and export to its energy trading partners across the Asia Pacific region.
GEV says it intends to focus on these export projects, a number of which are already in the pilot phase. It also notes that it is assessing funding options from existing and new Australian government R&D programmes which fall within the scope of a Federal Government commitment of AS1.9 billion for the development of renewable technologies.
Maurice Brand, Executive Chairman & CEO commented on the H2 ship project: ‘Today we are excited to announce the company’s hydrogen strategy to develop a new class of ship for the marine transportation of hydrogen.
‘GEV sees Australia as the global leader for establishing a national hydrogen strategy and industry with major funding programs in place. Australia has also established future hydrogen export agreements with regional customers in Japan, Korea, Singapore, and most recently Germany.’
He continued: ‘To be focussed on a new class of vessel to transport hydrogen is now timely given the global push by governments and major corporates to focus on ‘net-zero carbon’ policies, with hydrogen as a pillar for decarbonising heavy carbon emission industries.’
Martin Carolan, Executive Director Corporate & Finance, added: ‘Over the course of 2020, the company has been closely monitoring the growing support for hydrogen as a clean energy source.
In our view, the application of GEV’s compressed hydrogen vessel will be very competitive against other marine transport options, particularly to Australia’s regional Asia Pacific customers.’