"Clean pyrolysis" developer Patriot Hydrogen lands major funding
Hydrogen molecule. Source: Mainspring Energy.
Australian envirotech company Patriot Hydrogen said on Thursday it has arranged financing of a significant amount to support its waste-to-green-hydrogen projects and to get ready for an initial public offering (IPO) on a major exchange in the third quarter of 2023.
Patriot did not give further information about the financing deal, apart from referring to it as a cash injection. The name of the investor was not given either.
The company has developed a clean pyrolysis process that takes the shape of the so-called Patriot Units, which, it says, create five revenue streams -- syngas (dense hydrogen) for fuel or feeding electricity into the grid, biochar for agriculture, carbon credits, and wood vinegar for farming. According to Patriot, the process is 100% renewable and does not involve any burning.
Patriot expects three biomass-to-renewable energy units to become operational by early next year. One unit is about to be shipped to Malaysia where it will be commissioned in the opening quarter of 2023. This particular project has already obtained all environmental approvals and permits. The other two developments are located in Western Australia and New South Wales. All three projects have long-term land and feedstock agreements in place.
“Over the past 12 months, we have secured multiple projects, fabricated our first unit, and shown a strong market demand for our renewable hydrogen technology,” chairman Glenn Davies said in a statement and expressed confidence that once the first mobile plants are operational, the company would experience a surge in demand.