ship.energy

GEV raises $6.3 million through share placement

Australian company Global Energy Ventures, which is looking to develop ships which both run on and transport compressed hydrogen through its C-H2 Ship project, has raised $6.3 million through a share placing with new and existing investors.

PAC Partners and KG Capital acted as Joint Lead Managers on the placement and the proceeds will be used for the development of the C-H2 compressed hydrogen supply chain.

As previously reported by ship.energy, in late 2020 GEV announced that it had completed the specification for its C-H2 Ship and also filed a US provisional patent application for the project’s hydrogen storage and transportation apparatus.

In late January the company also said that it will be working Pacific Hydro Australia Developments to develop the green hydrogen market. Both parties have signed a Memorandum of Understanding (MoU) to ‘explore opportunities regarding the production, storage, loading, ground and marine transportation of green hydrogen produced by Pacific Hydro’s Ord Hydrogen Project’.

Commenting on the share placement, Maurice Brand, GEV Executive Chairman said: ‘The GEV Board is delighted by the significant support received predominantly from new institutional investors along with continued support from existing institutional investors.

The Company is now comfortably funded to continue with business development opportunities for CNG Optimum and to support an accelerated development program for the new C-H2 supply chain and ship for the hydrogen economy which continues to receive global interest in the application of compression for both onshore and offshore loading and export applications for hydrogen.’

Lesley Bankes-Hughes

Lesley Bankes-Hughes