Global Energy Ventures Ltd (ASX: GEV, the Company) is pleased to announce that ABS has issued its AIP for the Company’s pilot-scale compressed hydrogen ship, based on a cargo capacity of 430 tonnes of hydrogen.
HIGHLIGHTS:
- American Bureau of Shipping (ABS) issued its Approval in Principle (AIP) for GEV’s pilot compressed hydrogen ship with a 430-tonne cargo capacity.
- GEV’s compressed hydrogen ship is a safe, energy efficient and cost competitive hydrogen carrier to advance the commercialisation of multiple hydrogen greenfield export projects proposed or under development.
- Commercialisation opportunities for hydrogen transport using the GEV pilot ship, include the recently announced MOU with the HyEnergy project in Western Australia.
- Successful AIP demonstrates GEV’s high standards of design and adherence to international standards and certification rules for bulk gas carriers.
- GEV will now work with ABS to progress the various engineering steps towards Approval for Construction.
Martin Carolan, Managing Director and CEO commented: “GEV is pleased to report that we have received AIP from ABS for our pilot scale 430-tonne hydrogen ship, which follows AIP received earlier this year for our innovative compressed hydrogen ship with a 2,000-tonne capacity. ABS is a leading classification society for gas carriers and GEV is looking forward to working with them to ensure that our compressed hydrogen ships continue to meet the highest safety standards.
Marine storage and transport solutions are required for hydrogen to contribute to global decarbonization ambitions. Efficient, safe and cost competitive marine transport solutions for high purity hydrogen are required before 2030 to enable the development of greenfield hydrogen supply chains at scale. GEV views the compressed hydrogen ship as a competitive carrier and the ideal scale to advance the commercialisation of several hydrogen greenfield export projects proposed or under development.”
HIGHLY FUNCTIONAL AND SUSTAINABLE HYDROGEN GAS CARRIER
The pilot scale compressed hydrogen ship is a highly functional Handymax sized gas carrier, designed to support the requirements of greenfield hydrogen projects being established for export by the mid-2020s. Handymax sized ocean-going ships are relatively small and able to enter most ports. The ship is equipped with an electric drive propulsion system, using Wartsila’s highly efficient dual fuel (natural gas and hydrogen) engines powering generators coupled to two electric drive fixed pitch propellers. The ship can also be equipped with dynamic positioning (DP) to allow it to hold its position using bow and aft thruster systems. This DP system will support safe and efficient offshore loading operations. GEV is also working with Ballard Power Systems to ultimately power the ships with marine fuel cells using 100% hydrogen, providing a zero-carbon shipping solution.
RECEIPT OF AIP DE-RISKS PATH TO COMMERCIALISATION
Extract from the AIP: ABS has reviewed GEV’s design in accordance with the 2020 ABS Guide for Vessels Intended to Carry Compressed Natural Gases in Bulk, 2021 ABS Guide for Liquified Gas Carriers with Independent Tanks, 2017 ABS Guidance Notes on Review and Approval of Novel Concepts, 2017 ABS Guidance Notes on Qualifying New Technologies, 2021 ABS Marine Vessel Rules, 2016 IMO IGF Code and 2016 IMO IGC Code, and considers that the proposed conceptual design for the 430 tonnes Compressed Hydrogen Carrier is feasible.
GEV views Class Approval for Construction as the Company’s key technical barrier to achieve commercialisation for the compressed hydrogen ship and supply chain, with AIP being the pre-curser to ABS Approval for Construction. The receipt of AIP and accompanying road map to Approval for Construction has materially de-risked the path forward to a construction ready milestone.
GEV will now work with ABS to progress the various engineering phases, with further details to be provided over the coming quarters as material milestones are achieved.
ADVANCING COMMERCIALISATION OPPORTUNITIES
The Company’s discussion with several hydrogen development projects has reinforced GEV’s view that compression can provide a simple and energy efficient shipping solution between hydrogen suppliers and customers up to a shipping distance of 4,500 nautical miles. Many of the outcomes of our Scoping Study released in March 2021 have provided a platform for commercial and technical discussions with third parties and we remain encouraged by the quality of organisations now making direct enquires about compression as an alternative to other carriers being assessed for FEED selection.
Figure 2: Compressed Hydrogen Transport Supply Chain
GEV recently announced its collaboration with the HyEnergy project located on the Gascoyne Coastline of Western Australia. A feasibility study will be undertaken for completion by mid-2022 with the pilot ship to be used as a base case for the transport of green hydrogen to Asia Pacific markets.
Further details are available in the ASX announcement on 9 August 2021
GEV remains in discussion with several parties about undertaking similar feasibility level studies to gain selection in FEED design for an integrated hydrogen export project.
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