ReNu Energy (ASX:RNE) reports its wholly owned subsidiary has signed a Memorandum of Understanding (MOU) with Australia Pacific Airports Launceston (APAL) for the development of a multi-purpose Green Hydrogen Project at Launceston Airport.
The MOU was executed at a signing event hosted at the airport and was participated by the Chairman and CEO of APAL Shane O’Hare, the Executive Director and the CEO of ReNu Energy Geoffrey Drucker and Greg Watson, as well as Tasmania’s Minister for Energy and Renewables, Hon Guy Barnett.
Under the terms of the MOU, Countrywide Hydrogen will commence project design for the initial project size of up to 5-megawatt (MW) electrolyser, which will incorporate installation of a solar array on vacant airport land to provide behind-the-metre (BTM) electricity.
It is also reported the project will be designed with potential to scale up as demand increases, which allows for distributed green hydrogen production.
Speaking on the MOU, ReNu Energy Executive Director and Countrywide Managing Director, Geoffrey Drucker said: “We are incredibly excited by the number of complementary hub opportunities this collaboration could afford Northern Tasmania, including hydrogen refuelling for bus and truck operators looking to decarbonise their vehicle fleet, while offering fuel cell vehicle servicing, maintenance and up-skilling.
“We are incredibly excited by the number of complementary hub opportunities this collaboration could afford Northern Tasmania…”
There is potential for Tas Gas to install a new gas reticulation system at Western Junction delivering a decarbonised natural gas network for TRANSlink, the local commercial and industrial zone, all of which will help Tasmania lead the world in achieving renewable energy self-sufficiency and slashing emissions.”
ReNu Energy also notes that BTM electricity will assist with minimising the cost of hydrogen production and the price of hydrogen supplied to customers, resulting in the emissions-free fuel being as competitive and attractive as possible.
As of 1pm (AEST) ReNu Energy’s share price has increased by 22.80%.
ReNu Energy is an ASX-listed company focused on the transition to a low carbon future by investing in renewable and clean energy technologies and identifying and developing hydrogen projects to create stakeholder value. The company currently works to achieve its vision of becoming a leader in the renewable and clean energy sector in Australia by producing hydrogen for domestic use through its portfolio of domestic and international projects.
The recently signed MOU represents a non-binding strategic framework that is intended to be converted into definitive agreements as the project progresses.
Images: ReNu Energy Ltd