Hexagon, FRV seal green hydrogen scoping MoU in Australia

Australian clean energy project developer Hexagon Energy Materials Ltd (ASX:HXG) has joined forces with a unit of Spain-based Fotowatio Renewable Ventures (FRV) to explore the potential for several green hydrogen projects across Australia.

The Aussie company said in a bourse filing on Monday it has signed a non-binding Memorandum of Understanding (MoU) with FRV Services Australia Pty Ltd with regard to their collaboration. The partnership covers studies to assess the potential for setting up a clean hydrogen hub at Middle Arm and Darwin in Australia’s Northern Territory. The potential for a North Western Australian Hydrogen Hub development and other unspecified projects in Australia will be explored, as well.

FRV Australia, in which Canadian investor and asset manager Omers Infrastructure recently agreed to buy a 49% stake, and its Aussie partner will first undertake scoping studies and will potentially sign a conditional agreement afterwards.

Both Hexagon and FRV Australia are currently involved in individual clean hydrogen and renewable energy projects in Australia. Hexagon noted that the MoU with FRV could enable it to source power from its partner’s renewable power plants and supply a proposed clean ammonia production facility in the Northern Territory. The specific project is now in the final stages of a pre-feasibility studies.

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