Pure Hydrogen raises funds for Aussie turquoise hydrogen project
SUMMARY
Under the agreement, Australian clean energy company Turquoise Group (TG) will make an initial investment of A$1.6mn to support the project's development.
By Shardul SharmaPOSTED IN:
Australia’s Pure Hydrogen Corporation on June 29 announced a funding agreement to advance the development of its turquoise hydrogen (methane pyrolysis) technology. The company has partnered with French plasma technology firm Plenesys for the development of this project.
Under the agreement, Australian clean energy company Turquoise Group (TG) will make an initial investment of A$1.6mn to support the project's development. Additional funds will be raised for the progression of a commercial module in 2024. Pure Hydrogen will retain a 40% interest in TG for the first three and half years through a non-dilution mechanism and will have the right to appoint a representative to the TG board.
As part of the agreement, Pure Hydrogen will have exclusive rights to purchase all hydrogen produced by TG in Australia for a period of 20 years. The pricing mechanism for hydrogen will be linked to an agreed benchmark price, which is determined by the value-add of the carbon products.
The turquoise hydrogen manufacturing process involves decomposing methane into hydrogen gas and solid carbon. It consumes significantly less electricity compared to green hydrogen electrolysis and has no water consumption or direct CO or CO2 emissions. When powered by renewable electricity and bio-methane, it can even achieve carbon negativity.
A demonstration pilot is currently being developed in Brisbane and is scheduled for commissioning by late 2023. The pilot will utilise the HyPlasma torch system developed by Plenesys. Following commissioning, TG plans to conduct comprehensive testing and optimisation to increase the value of the solid carbon, primarily targeting the production of high-quality graphene products, Pure Hydrogen said.
Once the value-add of carbon is proven, TG intends to develop commercial modules to produce hydrogen and solid carbon products in various markets across Australia, the Asia Pacific, and Sub-Saharan Africa, where methane gas is available.
