Pure Hydrogen has entered into agreement with Turquoise Group Pty Ltd who will invest AU$1.6 million and assume management of the Turquoise Hydrogen project, targeting commercialisation of the technology in collaboration with French plasma technology company, Plenesys.
Pure Hydrogen will hold the exclusive rights to acquire hydrogen produced by Turquoise Group within Australia for 20 years at prices based on a sliding scale linked to the value of the carbon offtake products.
Due for commissioning in late 2023, a demonstration pilot plant will decompose methane into hydrogen and solid carbon with the view to reforming the solid carbon into high value carbon products such as graphene with net-zero carbon emissions.
The Plenesys designed AC plasma torch system, the ‘engine’ of the demonstration pilot plant, is due to arrive in the third quarter of this year.
Once a successful demonstration is achieved, Turquoise Group plans to build commercial modules that can be installed anywhere methane gas is available.
Pure Hydrogen Managing Director Scott Brown said: “We are pleased that the Turquoise Hydrogen Project is funded to accelerate the next phase of the turquoise hydrogen manufacturing facility in Australia.
“Pure Hydrogen will be carried while still maintaining a 40 per cent undiluted shareholding for 3.5 years, thus maintaining healthy upside exposure to this unique development project, which will include future access to low-price hydrogen within Australia produced with net-zero carbon emissions.
“Pure Hydrogen will have rights to buy all of the hydrogen offtake produced and not consumed by Turquoise Group.
“The AU$1.6m in funding is expected to provide sufficient capital to mature the project. Pure Hydrogen’s ability to purchase all future Australian hydrogen produced by the Turquoise Group helps secure our future as a low-cost hydrogen supplier of choice to Australian customers in the transportation and industrial sectors.”
Turquoise Group’s Chief Operating Officer, Andrew Thompson added: “We are very confident in developing what will be a commercial Turquoise Hydrogen process of converting methane to hydrogen and high value carbon products, including Graphene. Once proven, we are confident of significant opportunities to grow the company globally.”
