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Adelaide-based emerging urea producer has signed a two-year...

  1. Pie-O-My
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    02/06/23
    15:18
    Post #: 68103310

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    Adelaide-based emerging urea producer has signed a two-year agreement with Meijin Energy Investment (Hainan) Co to produce hydrogen in China.

    Under the terms of the deal, the two companies will enter into a joint venture to develop hydrogen at an initial two selected sites.

    Meijin will pay NeuRizer a fee of A$38.32 million (US$25 million) per site to access its knowledge, intellectual property and patents.

    An equity share for project participation will be finalised once assessments of site suitability are completed.

    Following the assessments, Meijin will fund the construction of a Stage 1 demonstration facility and both companies will fund any commercial projects on a pro rata basis in accordance with their shareholding.

    Rapidly developing market

    NeuRizer chairman Justyn Peters said the agreement gives the company an opportunity to participate in China’s rapidly developing hydrogen market.

    “The execution of this contract provides us with access to the Chinese hydrogen market through the newly-formed hydrogen energy platform and a trusted partner with access to a significant revenue stream,” he said.

    “Project evaluation has already commenced and with travel restrictions lifted and the progression of the hydrogen economy in China, we are well placed to take advantage of the [region’s] rapidly growing market.”

    Meijin is a subsidiary of the Meijin Group which is the largest integrated hydrogen company in China and already constructs hydrogen vehicles, hydrogen fuel cells and hydrogen charging stations.

    It is believed this will provide NeuRizer with a considerable advantage in meeting the needs of China’s rapidly developing hydrogen fuel market.

    Energy trading platform

    China’s first hydrogen energy trading platform was launched in April by Shanxi Meijin Energy Co in collaboration with two other companies.

    The platform aims to support one-stop trading in hydrogen energy products; create a closed loop of online business in the hydrogen industrial chain; and promote the inclusion of clean hydrogen energy into the voluntary emission reduction market.

    It facilitates hydrogen production, sales, transportation logistics and digital tracking services, while providing online trading and settlement services for the nation.

    The platform is jointly managed by Shanxi, Hundsun Technologies Inc and Qingshan Technology Co.

    Hydrogen produced through this partnership can be traded on this platform, as well as being used by Meijin Energy in its operations.

    NRZ Price at posting: 6.6¢ Sentiment: Buy Disclosure: Held
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