Patriot Hydrogen has announced the execution of a binding term sheet with Metgasco for a phased investment to acquire the Patriot Hydrogen business, which will accelerate the delivery of waste-to-hydrogen units.
Highlights:
- Metgasco has agreed to a staged acquisition of Patriot Hydrogen, a renewable hydrogen and energy developer with near-term production, with certain technical and commercial milestones.
- Patriot has a framework agreement with a regional technology partner to develop hydrogen production projects in Australia, with proven market demand.
- First commercial plant commissioning, for Kimberley Clean Energy (KCE), is expected in 4Q2022, as part of a comprehensive MoU to deliver up to 75 units to KCE in support of remote power needs in Northern Australia.
- The acquisition forms part of Metgasco’s diversification strategy, delivering a sustainable, commercially-attractive and carbon net zero opportunity, while potentially offsetting emissions associated with the company’s core natural gas production assets.