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- Lion Energy (LIO) has been positioning itself to produce green hydrogen as a complement to its oil and gas assets
- The company has detailed its plans on green hydrogen to shareholders through a five-stage strategy
- Lion is now at stage two of the strategy, which includes a number of activities that will cost the company $500,000 over a six-month period
- These activities include establishing a team of hydrogen experts to form a hydrogen advisory board
- Despite this new change, Lion is down 21.4 per cent on the market and is trading at 7.7 cents per share
Lion Energy (LIO) has been positioning itself to produce green hydrogen as a complement to its oil and gas assets.
Green hydrogen fuel is created using renewable energy instead of fossil fuels.
The company has detailed its plans on green hydrogen to shareholders through a five-stage strategy and has progressed this hydrogen strategy.
Lion is now at stage two of the strategy, which includes a number of activities that will cost the company $500,000 over a six-month period.
These activities include establishing a team of hydrogen experts to form a hydrogen advisory board. Lion will also appoint experts to systematically analyse optimal electrolyser locations in Australia.
Once a suitable opportunity is found, Lion will appoint the appropriate consultants to undertake a feasibility study.
If the feasibility study is positive, the company will look to progress the opportunity by participating the development of large scale solar and wind farms and sourcing relevant energy storage facilities to produce green hydrogen.
“We are excited to venture into green hydrogen to participate in the energy transition and to leverage Australia’s comparative advantage in renewable energy,” Executive Chairman Tom Soulsby said.
“We are actively working on delivering against our objectives stated above and will make further announcements in due course,” he added.
Despite the news, Lion is down 21.4 per cent on the market and is trading at 7.7 cents per share at 11:48 am AEST.
