Frontier Energy Limited (ASX: FHE; OTCQB: FRHYF) (Frontier or the Company) is pleased to announce the appointment of highly experience hydrogen expert, Mr Sam Lee Mohan as Managing Director (Summary of Terms of Employment – Appendix 1).
Mr Lee Mohan has been appointed at a critical stage in the Company’s evolution, as Frontier transitions through the next stage of development at the Company’s 100% owned Bristol Springs Green Hydrogen Project (the “Project”). During the next 12 months this includes the next level of study work, offtake, project financing and the commencement of construction.
Mr Lee Mohan is an accomplished energy executive with over 20 years’ experience in the energy and utilities industry. Mr Lee Mohan’s experience spans many facets of the industry, from design and construction through to strategic asset management, regulation, policy, commercial and innovation.
His previous senior management positions include Global Head of Hydrogen of Xodus Group, a subsidiary of Subsea 7, where he developed and led the Company’s overall hydrogen strategy. In this role, he also conceptualised the company’s largest hydrogen project, Project MercurHy.
Prior to Xodus Group, Mr Lee Mohan spent six years at ATCO, where he was instrumental in developing the company’s hydrogen strategy, including the conceptualisation, design and construction of Australia’s first, green hydrogen Microgrid, the Clean Energy Innovation Hub.
Mr Lee Mohan earned his MSc in Mechanical Engineering from the University of Portsmouth and an MBA from the Australian Institute of Business.
Executive Chairman Grant Davey commented: “Given the relative infancy of the hydrogen industry, to attract someone of Sam’s vast experience, in a highly competitive landscape, clearly shows the significant potential that he could see at the Bristol Springs Hydrogen Project to be one of the first major producers of hydrogen in Australia.
Whilst Sam’s experience is clear, I believe his biggest attribute is the energy he will bring to the team, which is which is essential for any company – however perhaps more so in an industry that is still so early its life cycle. I look forward to working closely with Sam in the years ahead.”
Appendix 1 – Summary of Key Terms of Employment
- Managing Director
- Commencement Date
- Commencement date is 3 October 2022.
- No fixed term, ongoing until terminated by either party in accordance with the terms of the agreement.
- Fixed remuneration
A salary of $350,000 per annum plus statutory superannuation
- Equity Incentives
Mr Lee Mohan is eligible to receive an equity incentive award at the Board’s discretion and subject to performance against relevant KPIs. The Board will determine the satisfaction of the KPIs and other guidelines for the determination of any equity incentive bonus that may be paid to Mr Lee Mohan.
A total of 6,000,000 unquoted options are to be issued to Mr Lee Mohan or his nominee expiring 3 years from the commencement date with the following vesting and exercise prices:
- 33.3% vest 12 months from the date of commencement at an exercise price of $0.20;
- 33.3% vest 24 months from the date of commencement at an exercise price of $0.25; and
- 33.3% vest 24 months from the date of commencement at an exercise price of $0.40.
The Executive is entitled to take four weeks paid annual leave. Sick, compassionate and parental leave entitlements are in accordance with statutory requirements.
The Company may terminate Mr Lee Mohan’s employment at any time with six months’ notice, or at the Company’s election, in lieu of notice. Mr Lee Mohan may terminate employment at any time with six months’ notice, or at the Company’s election, in lieu of notice. The Company retains the right to terminate employment immediately without notice (or payment in lieu of notice) where summary dismissal is warranted.
About Frontier Energy
Frontier Energy Ltd (ASX: FHE; OTCQB: FRHYF) is developing the Bristol Springs Green Hydrogen Project (the Project) located 120km from Perth in Western Australia.
The Company recently completed a Pre-Feasibility Study1 that outlined the Project’s potential to be both an earlier mover and one of the lowest cost green hydrogen assets in Australia.
The Project benefits from its unique location surrounded by major infrastructure. This reduces operating and capital costs compared to more remote hydrogen projects, whilst also being surrounded by likely early adopters into the hydrogen industry in the transition from fossil fuels.
Read the most up to date Fuel Cell and Hydrogen Industry news at FuelCellsWorks