Energy Estate and Japan's Eurus Energy have signed an agreement that will have the renewable energy developer take an investment stake in the $2 billion Hunter Hydrogen Network (H2N).
The project devised by advisory firm and business accelerator Energy Estate is a large-scale green hydrogen production and pipeline project.
It aims to supply low-cost hydrogen for downstream hydrogen derivative products such as sustainable aviation fuels, ammonia and liquid hydrogen destined for Japan and Korea, as well as domestic use.
The project's pipeline will form the "backbone infrastructure" that will help position the Hunter Valley as Australia's first "hydrogen valley".
Eurus Energy Group, a global renewable energy independent power producer and developer, is jointly owned by Toyota Tsusho Corporation and the Tokyo Electric Power Company.
It is actively pursuing more than 4 gigawatts of renewable energy generation projects across 14 countries including Japan, Korea, USA, Chile and Europe. It also owns 120 megawatts of operating wind assets in Australia.
"The majority of Australia's trading partners and numerous leading Australian corporates now have a net zero commitment, and there is an accelerated global pivot to remake low-emissions economies," Energy Estate principal and co-founder Vincent Dwyer said.
"As evidenced by recent federal government announcements, the region is destined to play a key role in the domestic and global hydrogen economy, decarbonising industrial feedstock and key supply chains.
"We are delighted to be able to bring in key global partners of the calibre of Eurus Energy Group to work with us to make this project a success".
On completion of the transaction (which is subject to Financial Investment Review Board approval), Eurus and Energy Estate will form the H2N Development Joint Venture to continue the development of the Hunter Hydrogen Network, with Energy Estate as the lead developer and Eurus as the co-developer.
The Hunter Hydrogen Network is part of a far broader hydrogen platform being developed by Energy Estate, including HyNQ Clean Energy Project in North Queensland and Hydrogen City Texas which recently announced a large scale electrolyser manufacturing memorandum of understanding with Hydrogen Optimised.
The Hunter Hydrogen Network will also complement the Hunter Coast Offshore Wind Project, which is also being co-developed by Energy Estate in partnership with global offshore wind developer Bluefloat Energy.
Energy Estate co-founder Simon Currie said: "Our goal is to develop the skills, technology and knowhow in Australia and New Zealand to deliver to the rest of the world - creating long-term industry export opportunities beyond the production of hydrogen."
"As well as enduring benefits for the traditional owners of the land and all stakeholders. A good example of our approach is exploring the opportunities to foster a green hydrogen and e-fuels industry to decarbonise domestic demand and export green fuels to the world."
Energy Estate is working with Beyond Zero Emissions on creating renewable energy industrial precincts in the Hunter.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
Sign up for our newsletter to stay up to date.