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Pure Hydrogen (ASX:PH2) - Managing Director, Scott Brown
Managing Director, Scott Brown
Source: The Market Herald
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  • Shares in Pure Hydrogen (PH2) spike after the company strikes a deal with CAC-H2 to build three waste-to-hydrogen plants on Australia’s east coast
  • Under today’s term sheet, CAC-H2 will fund, build and operate the plant, while Pure Hydrogen will fund storage and loadout
  • The plants will be built in Brisbane, Sydney and Melbourne, with the first of these expected to be operational in Brisbane in late 2022
  • Pure Hydrogen Managing Director Scott Brown says the companies are pulling “all facets of the supply chain together” to deliver a solution for commercial and industrial users
  • Shares in Pure Hydrogen are up 26.36 per cent and trading at 70 cents each at 12:47 pm AEDT

Shares in Pure Hydrogen (PH2) spiked today after the company announced it had struck a deal with CAC-H2 to build three waste-to-hydrogen plants on Australia’s east coast.

The plants will be built in Brisbane, Sydney and Melbourne, with the first of these expected to be operational in Brisbane in late 2022.

Under today’s term sheet, CAC-H2 will fund, build and operate the plant, while Pure Hydrogen will fund storage and loadout.

Today’s news follows a government push for clean hydrogen, with Prime Minister Scott Morrison and Energy Minister Angus Taylor announcing earlier this week a string of investments into the hydrogen sectors of New South Wales and north Queensland.

Pure Hydrogen Managing Director Scott Brown said the company was “very excited” to help supply hydrogen fuel to Australia’s east coast alongside CAC-H2.

“We are pulling all facets of the supply chain together to deliver a complete solution for commercial and industrial users,” Mr Brown said.

“We will continue to develop our existing projects and the partnership with CAC-H2, which will allow us to bring forward hydrogen supply coverage to the east coast more rapidly.”

Mr Brown said Pure Hyrdogen would outline the details of the first waste-to-hydrogen site “very soon,” though he stopped short of giving investors a more specific timeframe.

Meanwhile, CAC-H2 Group CEO Glenn Davies spoke highly of Pure Hydrogen as a partner in the hydrogen fuel sector.

“Coming together with one of Australia’s first-movers in the hydrogen fuel sector not only provides us with a solid foundation upon which to build the network of customers, but also we are gaining a highly skilled scientific and technical partner that will allow us to build a solid platform in Australia as a leading force in the rapidly growing global hydrogen economy,” Mr Davies said.

Pure Hydrogen said investee company H2X Global and subsidiary Pure X Mobility will supply hydrogen-based vehicles to commercial customers by mid-2022 — vehicles that, according to Pure Hydrogen, will only produce water as emissions.

Shares in Pure Hydrogen were up 26.36 per cent and trading at 70 cents each at 12:47 pm AEDT. The company has a $1.8 million market cap.

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