8 Rivers to support West Aussie clean energy project
SUMMARY
8 Rivers will invest A$1mn in Pilot Energy’s Mid West Clean Energy Project in Western Australia.
By Shardul Sharma8 Rivers Capital will invest A$1mn ($0.69mn) to support the development of Pilot Energy’s Mid West Clean Energy Project in Western Australia, Pilot said on June 30.
According to the MoU signed between the two companies, 8 Rivers’ support will take the form of an investment of A$1mn for the project costs and it will receive an option on offtake of 172,500 metric tons/year of ammonia once the project is in production.
The 8 Rivers investment would focus on progressing engineering and commercialisation for the project’s stage 2 blue hydrogen and stage 3 clean ammonia production. Stage 1 of the Mid West Clean Energy Project involves the conversion of the Cliff Head oil field from oil production to a CCS project.
8 Rivers serves as Pilot’s technical adviser on its clean hydrogen project. Over the past 12 months, Pilot, together with 8 Rivers, has assessed the feasibility of deploying the latter’s clean hydrogen technology and have concluded an MoU to extend the relationship into the development and execution of the project.
8 Rivers’ further Investment in Pilot, through this arrangement would be in addition to the 13.3mn options that were previously issued to 8 Rivers as part consideration paid for the feasibility study, Pilot said.
“The Pilot team are looking forward to continuing our strong working relationship with 8 Rivers. Pilot’s feasibility studies demonstrated the benefit of combining the Cliff Head CCS resources with the 8 Rivers clean hydrogen solution at our Mid West Clean Energy Project,” Pilot chairman Brad Lingo said.
