Another day, another company jostles for a place on Australia’s green hydrogen bandwagon. Lion Energy, an Indonesian focused oil and gas production company, today announced it plans to “explore opportunities” in green hydrogen in Australia and on Seram Island in Indonesia.
The company, which is Indonesia-focused but listed as Australian, has received firm commitments for $2.8 million from its capital raising round to conduct the studies.
Lion Energy has appointed boutique Melbourne company Peak Asset Management to leads its hydrogen exploration. “We are pleased to work with the team at Peak to support Lion’s legacy business and related new hydrogen studies and our potential foray into the Australian clean energy space. Peak brings a wealth of experience in supporting companies with green hydrogen and renewable investment businesses in Australia,” Lion’s Executive Chairman, Tom Soulsby, said.
Following the news, the company’s stock price rose sharply.
Earlier this week, Australia’s federal government announced a further $275.5 million to develop four new hydrogen hubs in regional Australia. This follows millions already committed by state and federal governments across the country.
Much like cryptocurrencies, green hydrogen projects have become highly sought after in the past few months. On Monday, Province Resources grew its green hydrogen project plans from 1 GW to a massive 8 GW after signing an early-stage agreement with French powerhouse Total Eren to partner on the project.
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