Global Energy Ventures Ltd (ASX: GEV, the Company) is pleased to provide the following update on the development of a new compressed Hydrogen ship (H2 Ship) to transport the zero-carbon fuel of the future
HIGHLIGHTS:
• Appointment of American Bureau of Shipping (ABS) to achieve Approval in Principle (AIP) for the proposed 2,000 tonne capacity (23 million m3) H2 Ship.
• Capilano Maritime Design Ltd (Capilano) appointed as naval architects for the provision of marine engineering services to advance the design the H2 Ship.
• GEV’s work program during the AIP phase will include:
− Ship outline specification including the cargo containment and midship section.
− Preliminary process analysis to load and unload the ship.
− Preliminary HAZID analysis.
− US Patent application and filing.
• Completion and receipt of ABS AIP is expected in the first half of 2021.
• The successful outcome of the AIP will demonstrate that there are no identified showstoppers that would prevent the ultimate classification of the vessel.
• Following receipt of the AIP, engagement with selected shipyards will commence for an estimate of costs and schedule for construction.
Maurice Brand, Executive Chairman & CEO commented: “The Company is very pleased to be working with ABS and Capilano again on the engineering and approvals for our new H2 Ship. Both groups worked with our marine engineering team for the CNG Optimum ship which successfully attained full design class approvals in early 2019. The successful delivery of Approval in Principle for the H2 Ship in the first half of 2021 will demonstrate there are no showstoppers to the proposed ship design and containment system for large scale marine transportation of compressed hydrogen.
GEV has been delighted with the response from shareholders since the design launch of our H2 Ship in October. The Company has received extensive enquiries from proposed hydrogen export projects and other participants in the development of the hydrogen supply chain, and we look forward to progressing discussions on the economics, logistics and potential collaborations in the coming quarters.”
APPROVAL IN PRINCIPLE TO DEMONSTRATE NO SHOWSTOPPERS
The Company has made the appointments of ABS and Capilano for the next stage of engineering and design in order to achieve Approval in Principle (AIP) anticipated for the first half of 2021. The achievement of AIP will be a critical step to advancing the technical feasibility of the proposed H2 Ship, the first of its kind for the marine transport of large-scale volumes of hydrogen.
The process for AIP will follow ABS’ New Technology Qualification Guidance Notes. The work will include a preliminary Hazard Identification (HAZID) analysis to identify any significant potential hazards and future design work to mitigate these risks. The successful outcome of the AIP will demonstrate that there are no identified showstoppers that would prevent the ultimate classification of the vessel.
Following the successful achievement of AIP, the Company’s project team will commence discussions with suitable shipyards for estimates of capital cost and schedule for construction.
GEV’s compressed H2 Ship and containment system have been designed using three key principles:
i. Optimise the volume of hydrogen that can be stored in the hull of a ship utilising compression
ii. Optimise the cost, availability, and constructability of the ship
iii. Meet or exceed the design rules and safety standards established by the American Bureau of Shipping
The advantage of compression for the regional transport of hydrogen is the simplicity and energy efficiency of the supply chain, particularly when compared with the complexity and energy intensity of alternative transport methods (i.e. liquefaction and chemical carriers).
Figure 1 is an illustration of GEV’s compressed H2 Ship. The ship and its innovative cargo system are in the patent process and GEV expects to receive broad patent protection for this novel ship, further extending our intellectual property suite. The containment system will store ambient temperature hydrogen at an operating pressure of 3,600 psi (or 250 bar). GEV’s H2 Ship will have a storage capacity of up to 2,000 tonnes (23 million m3) of compressed hydrogen. Smaller capacity ships will be evaluated by GEV for demonstration purposes based on specific pilot export projects. With the rapid advancements in both marinized fuel cells and hydrogen internal combustion engines, GEV intends to fuel the vessel with hydrogen, providing a ‘zero-carbon’ shipping solution.
Figure 1: Illustrative ship design – Compressed H2 Ship
ABOUT GLOBAL ENERGY VENTURES LTD
Global Energy Ventures Ltd was founded in 2017, with the Company’s mission to create shareholder value through the delivery of integrated compressed shipping solutions transporting energy to regional markets. The business model is to build, own and operate integrated energy transport projects for either natural gas or hydrogen.
The primary focus is the development of integrated Compressed Natural Gas (CNG) marine transport solutions with the Company’s construction ready CNG Optimum ship. CNG is a well proven gas transport solution with design and commercial advantages along with being safe and a ‘lower emission’ solution for the transport of gas than in the form of liquified natural gas (LNG).
With the world’s focus on Energy Transition to zero-carbon fuels, the Company has also introduced the world’s first large-scale Compressed H2 Ship design that will support the transport of hydrogen as a green energy fuel of the future. Hydrogen’s role in the future energy mix will greatly assist governments and corporations with their respective ‘net-zero carbon’ targets through the decarbonisation of heavy emitting industries.
Value creation for shareholders will be achieved by:
• Continue to maintain global leadership in marine pressure vessel designs and intellectual property.
• Pursue a portfolio of CNG Optimum projects to improve and mitigate against binary outcomes and offer CNG project stakeholders’ flexible commercial arrangements.
• Advance the future transport of green energy through the development of the compressed H2 Ship.
• Employ world class management and staff that are leaders in their chosen discipline.
• Maintain the highest standards of efficiency, safety and environmental responsibility.
For more details on the Company please visit www.gev.com
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