Elixir Energy (ASX:EXR) - Managing Director & CEO, Neil Young
Managing Director & CEO, Neil Young
Source: Elixir Energy
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  • Elixir Energy (EXR) provides a market update on operations at its green hydrogen project in the South Gobi region of Mongolia
  • The company’s Mongolian subsidiary GOH Clean Energy LLC is planning to acquire special purpose vehicle company Solar Ilch for 720,000 Elixir shares
  • Additionally, EXR has commissioned various engineering, legal and commercial studies to support its South Gobi project
  • Elixir’s Managing Director Neil Young was also appointed as a founding board member of a non-government organisation called Future Energy
  • Shares have been trading 4.3 per cent higher at 24 cents

Elixir Energy (EXR) has provided a market update on operations at its green hydrogen project in the South Gobi region of Mongolia.

The company’s Mongolian subsidiary GOH Clean Energy LLC announced plans to acquire special purpose vehicle company Solar Ilch for 720,000 Elixir shares.

Solar Ilch owns various rights to the undeveloped Solar Ilch 50 megawatt solar project located in the South Gobi region.

The project is on a long term land lease agreement with the local government unit and various development regulatory processes have been met.

GOH Clean Energy LLC has ordered a solar monitoring unit from Australian company Fulcrum, which is set to be installed to provide data that will assist project funding capacity.

As Elixir continues to progress its hydrogen strategy, it has commissioned various engineering, legal and commercial studies to support its South Gobi project.

The company has received a legal study into the regulation of hydrogen projects in Western Australia which was undertaken to outline how green hydrogen is regulated in a mature jurisdiction.

Elixir said the current expectation is that few, if any, material legal changes would be required for green hydrogen production to commence in Mongolia.

The final product will be delivered to the Mongolian Ministry of Energy, pursuant to an existing memorandum of understanding.

A concept stage study has also been commissioned for a pilot project to supply green hydrogen to Inner Mongolian steel mills in China.

Moreover, Elixir has initiated a commercial study with international energy consulting firm Rystad Energy into China’s long term hydrogen demand and supply.

The company believes Mongolia is “exceptionally” well placed to supply what are predicted to be substantial hydrogen imports.

In other news, Elixir’s Managing Director Neil Young was appointed as a founding board member of non-government organisation Future Energy – Mongolian Hydrogen Council.

The organisation promotes the development of hydrogen in Mongolia to multiple stakeholders, both locally and internationally.

Mr Young said he is pleased to be appointed as Deputy Chairman and looks forward to working to advance what he believes could be a substantial industry in Mongolia.

Shares were trading 4.3 per cent higher at 24 cents at 3:59 pm AEDT.

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