- QEM (QEM) pushes ahead to claim its stake in a planned clean energy hub in Queensland after finalising initial studies into potential clean energy projects
- The pre-feasibility study evaluated the potential for solar and wind-powered farms within its Julia Creek Project
- The company believes it's well placed to form part of a clean energy hub tabled by the Queensland government
- Details from the second stage of the study are expected later this month
- QEM shares were up 29 per cent to trade at 20 cents at 10:51 am AEST
QEM (QEM) is pushing ahead to claim its stake in a planned clean energy hub in Queensland after finalising initial studies into potential clean energy projects.
The pre-feasibility study was undertaken to complete resource mapping and preliminary system designs for wind and solar-powered farms within the company's Julia Creek Project.
QEM believes Julia Creek is well placed to potentially form part of renewable energy and green hydrogen hub tabled for the area by the Queensland government at the beginning of 2020.
As part of the study, QEM's engineering consultant DVN Australia developed a potential wind farm layout with a 126 megawatts capacity across 21 wind turbines as well as identifying an area for a potential solar farm.
Further information regarding the solar farm is expected when stage two studies are completed at the end of July.
Broadly, QEM affirms this first stage provides a positive indication of the viability to develop a wind farm in conjunction with other renewable energy sources to power green hydrogen production on site.
The study was accompanied by research completed by advisory firm Siecap, which estimated global green hydrogen demand could increase by 750 per cent by 2050.
QEM also believes its project location could leave it well placed to capitalise on predicted high hydrogen demand from Asia.
QEM shares were up 29 per cent to trade at 20 cents at 10:51 am AEST.