Perth-based Top End Energy has completed its acquisition of Serpentine Energy, securing exclusive rights to explore and produce natural hydrogen and helium across 20,000 acres in Kansas.
The deal positions the company amongst a group of major global energy players, including BP, Mitsubishi Heavy Industries, and Fortescue, which are investing heavily in geologic hydrogen in a landrush in the US Midwest.
With exploration drilling planned for the second half of 2025, Top End is rapidly expanding its leasehold to strengthen its position in one of the world's most promising natural hydrogen provinces.
The region has seen a surge in activity from private players, most notably Koloma, a venture-backed company that secured US$295 million in Series B funding in early 2024 following successful drilling efforts.
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Luke Velterop, Serpentine Energy's vice president of US operations, said the project shares key geological characteristics with those pursued by Koloma, High Plains Resources and other private operators.
While the commercial viability of natural hydrogen extraction remains uncertain, he noted the region's historical occurrences of hydrogen and Koloma's recent fundraising success provide cause for optimism.
Luke Velterop. | Credits: LinkedIn."2025 will be a breakthrough year that propels this primary energy source to the forefront of the clean energy sector," Velterop said.
As more high-profile deals emerge, he expects capital to move into the sector swiftly.
"There's no shortage of high-calibre investors watching this space," he said, adding that Top End's public market listing offers a unique advantage.
"We provide investment opportunities through direct equity participation or potentially an interest at the project level."
Natural hydrogen—often referred to as "gold hydrogen"—has generated increasing attention as a potentially low-cost, zero-carbon energy source. Unlike green hydrogen, which requires electrolysis using renewable power, or blue hydrogen, which involves fossil fuels and carbon capture, natural hydrogen occurs in subsurface deposits and can be extracted with minimal emissions.
The analysts are paying attention
Rystad Energy analyst Perry Wilson says natural hydrogen could emerge as a major disruptor in the sector, outpacing green and blue hydrogen.
Perry Wilson. | Credits: Rueben Hale."If the much-touted US$1 per kilo price materialises, as prospectors suggest—and I believe it could—this is one to watch as a game-changer," Wilson told industry attendees at Energy Club WA's traditional Sundowner event in Perth on Thursday.
However, infrastructure and regulatory hurdles remain significant. Hydrogen production in the US is currently governed by standards designed for manufactured hydrogen, leaving a gap in frameworks for naturally occurring resources.
"Regulators are not starting from scratch," Velterop said, explaining that existing rules for natural gas, helium, and hydrogen pipelines can be adapted. But he cautioned that midstream infrastructure—such as pipelines and storage—remains the largest challenge for commercial deployment.
With its Kansas footprint expanding, Top End is betting that the next phase of geologic hydrogen exploration will accelerate industry-wide commercialisation—a shift that could see natural hydrogen emerge as a serious contender in the global energy transition.
