Patriot Hydrogen executes oversubscribed capital raise

The modular hydrogen production unit will form part of Kimberley Clean Energy’s fossil fuel substitution strategy, with plans to add a hydrogen system in the next stage.

The AU$1 million in funds will also underpin Patriot’s planned initial public offering in 3Q22 while also funding the delivery of more Patriot modules to Kimberley Clean Energy, who has signed a memorandum of understanding for 75 units.

The activity was driven by corporate advisory, Baker Young, who was recently appointed as Patriot’s lead broker. Baker Young brings a wealth of experience, having raised more than AU$100 million for ASX-listed and unlisted companies in FY21, while also assisting in 18 public listings.

In conjunction with CAC-H2, Patriot Hydrogen has developed a modular hydrogen production system capable of delivering hydrogen-rich syngas and biochar on a mass commercial-scale, whilst also producing carbon credits for avoided emissions, and removal of atmospheric CO₂.

The 100% renewable process involves slowly heating biomass waste in an oxygen-starved chamber and has the ability to provide green energy for farms, construction sites, remote communities, military bases and more. The process is also well suited to produce green ammonia for the region replacing the need to import higher cost urea such as fertilizer.

As the units are modular and decentralised, they are now being touted as one of the most viable solutions for organisations trying to transition to a net zero model. In some cases, it can replace the use of fossil fuels completely offsetting thousands of tons of carbon being polluted into the atmosphere each year.

A partnership with Singapore’s CAC-H2 ensures the capabilities of the Patriot units. In an agreement struck in November 2021, CAC-H2 became Patriot’s exclusive technical and mechanical advisor/supplier.

With the first unit set to be delivered to Kimberley Clean Energy in the coming months and a planned public listing in 3Q22, the new year is looking promising for Patriot Hydrogen.

Read the article online at: https://www.globalhydrogenreview.com/hydrogen/01022022/patriot-hydrogen-executes-oversubscribed-capital-raise/