A “natural hydrogen” start-up chaired by former Liberal politician Alexander Downer has listed on the Australian share market.
Gold Hydrogen’s providing at 50 cents a share was absolutely subscribed, which meant the corporate launched on Friday with a market worth of $70 million.
Shares in Gold Hydrogen have been up three cents or six per cent at 53 cents in early afternoon commerce.
The firm says it intends to assist the transition to a decarbonised economic system by drilling for underground hydrogen throughout practically 8000 sq. kilometres of South Australia.
Once a geological curiosity, confirming the existence and potential commercialisation of this sort of hydrogen – a fuel present in layers of rock – can be an Australian first.
Although Australia’s focus is on the event of inexperienced hydrogen utilizing renewable processes, proponents of pure hydrogen say it is a potential low-carbon various for manufacturing, transport, heating and energy technology.
Gold Hydrogen will discover websites in Yorke Peninsula and Kangaroo Island in South Australia.
“To know we have the support of so many people in the hunt for low carbon energy sources, and that the search starts in my own state, is incredibly humbling,” Mr Downer mentioned.
Gold Hydrogen is focusing preliminary exploration within the Stansbury Basin, Kanmantoo Trough and Kanmantoo Platforms of the state.
An airborne survey is scheduled to begin in March, adopted by exploration drilling of three wells within the September quarter of 2023.
The former overseas minister and diplomat mentioned it was very thrilling for South Australia and Australia.
Mr Downer believes there’s round 1.3 billion kilograms of pure hydrogen to be discovered.
Gold Hydrogen can also be the popular applicant for 4 fuel storage exploration licence purposes throughout the renewable power zone of the Yorke Peninsula area.
