ReNu Energy to buy Aussie hydrogen biz
Sydney-listed ReNu Energy has agreed to acquire 100% of the issued capital of the Australian green hydrogen business, Countrywide Renewable Hydrogen (CRH), it said on November 10.
ReNu said that the transaction provides access to the growing green hydrogen industry through three Australian onshore opportunities. CRH also has a pipeline of opportunities in Canada and the US, it said. CRH targets domestic supply with a view to expanding projects for future export demand.
CRH is developing a project in northwest Tasmania incorporating a 10 MW pilot project targeting the production of 4.5 metric tons/day of hydrogen for domestic use. It is aiming for green hydrogen production and vehicle refuelling in Melbourne’s northern suburbs with injection into the natural gas network. CRH will also produce green hydrogen at Portland in Victoria’s southwest, stage one of which is a proposed 10 MW electrolyser supplying hydrogen to the local mobility and gas markets.
To progress these opportunities CRH has collaboration agreements in place with several large companies interested in providing renewable energy, land and taking green hydrogen produced by the projects for use in mobility, power generation, natural gas decarbonisation and materials handling, ReNu said.
These collaboration agreements are non-binding, strategic framework documents that are intended to be converted into definitive arrangements as proposed project opportunities progress commercially. CRH is also building a pipeline of offshore opportunities in Atlantic Canada and the Pacific northwest US, ReNu said.
The acquisition of CRH is targeted to complete in December 2021 subject to satisfaction of various completion conditions precedent, including approval by ReNu Energy shareholders.