The drive to develop hydrogen as the fuel of the future has moved to the maritime industry with new company Poseidon H2 looking to be a leader in the sector.
Poseidon H2 plans to use leading edge technology to facilitate the use of renewable green hydrogen in a range of maritime applications that will set the shipping industry in Australia and the world on a route towards zero carbon emissions.
This comes as sentiment around hydrogen has become increasingly bullish with the Federal Government investing more than $1.2 billion to accelerate the development of an Australian hydrogen industry.
Barclays Bank has forecast that 696 million metric tonnes of hydrogen could be used by 2050, a six-fold increase on current levels.
It is this growing demand that the company, which is owned by Liberty Energy Capital, plans to capitalise on to replace other energy sources and decarbonise the maritime sector.
“As governments, companies and investors worldwide push to minimise carbon pollution to net zero, we provide an affordable and clean solution for a sector that makes up 2.5% of global emissions,” a Poseidon H2 spokesman said.
“Hydrogen is estimated to grow into a global market worth US$201 billion by 2025.
“Our goal is to continue to build on this momentum and create an internationally competitive industry in Australia.”
The company is currently searching for a chief executive officer and to fill several executive positions.
Liberty Energy Capital and its nominees have investments in emerging green businesses including Aviation H2, H2X Global, Sweetman Renewables Limited, Port Anthony Renewables Limited, Titan Hydrogen Limited, Infinite Blue Energy and Verdant Earth Technologies.