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- Elixir Energy (EXR) executes a memorandum of understanding with Mongolia’s Ministry of Energy to investigate the potential for a hydrogen project
- The news follows Elixir’s recently commissioned independent report from an energy analyst estimating the project location has a combined wind and solar utilisation of 79 per cent, compared to 45 per cent in the Pilbara region in Western Australia.
- The report says this is underpinned by very high wind speeds in the South Gobi region
- Elixir says it’s now harvesting detailed data for both wind and solar using its SODAR equipment deployed in the South Gobi region
- Elixir Energy is trading 5.36 per cent up at 29.5 cents at 10:48 am AEDT
Elixir Energy (EXR) has executed a memorandum of understanding (MOU) with Mongolia’s Ministry of Energy to investigate the potential for a hydrogen project.
The deal offers an initial framework for the parties to mutually investigate opportunities to create a new hydrogen industry in Mongolia.
Under the MOU, the Ministry will be responsible for maintaining security, stability and efficiency in the energy sector, while developing the new source of energy.
Elixir’s Managing Director, Neil Young, said the company was pleased to be working with the Mongolian Government to investigate the world class green hydrogen potential of the country.
Elixir said it would also seek to work with the Mongolian Government and other potential stakeholders to bring forward Australia’s expertise in the nascent hydrogen economy in technical, commercial and legal areas.
The news follows Elixir’s recently commissioned independent report from energy analyst, K1 Capital, to evaluate the wind and solar resource potential of the South Gobi region in Mongolia, and therefore produce green hydrogen.
The report estimated a combined wind and solar utilisation of 79 per cent for Elixir’s project location, compared to the 60 per cent rate in the Southern Goldfields, and 45 per cent in the Pilbara region in Western Australia.
In simpler terms, Elixir explained a location with a capacity factor of 79 per cent will produce around 60 per cent more hydrogen from the same capital investment than an area with a roughly 50 per cent capacity factor.
The report claimed this is underpinned by very high wind speeds in the South Gobi region, along with a cold climate which could support enhanced solar efficiencies.
“The K1 Capital report supports our thesis that the South Gobi region of Mongolia has such potential – not only given its location immediately proximate to markets, but also its superb renewable resources,” Mr Young said.
“The wind and solar combination in our project area is as good as we have seen anywhere.”
Elixir said it was now harvesting detailed data for both wind and solar using its SODAR equipment deployed in the South Gobi region.
Elixir Energy was trading 5.36 per cent up at 29.5 cents at 10:48 am AEDT.
