Patriot also has plans to develop further hydrogen assets with emerging renewables player Sweetman Renewables.
Sweetman also entered a joint venture with CAC-H₂ to establish Australia’s first wood-fed hydrogen production plant, and the country’s largest green bio-hydrogen production eco-hub.
The hydrogen production centre of excellence to be called Hunter Valley One will be built on a 30-acre site adjacent to Sweetman’s Millfield timber mill.
Patriot is positioning to capitalise on renewable bioenergy to service growing demand into the future with key partnerships. The company aims to use state-of-the-art technology to lead companies in their transition to a sustainable energy strategy while cutting costs by making renewable hydrogen a mobile, efficient, and accessible power source.
As major economies around the world rapidly shift to renewable energy sources as they strive to meet their zero emissions targets, Patriot forecasts a growing need for its P2H units well into the future.
Source: This article has originally appeared on Stockhead
Sweet, sweet renewable energy
To sweeten the pot further, the International Energy Agency considers sustainable biomass to be a form of renewable energy.
It notes that as long as biomass harvests do not exceed carbon uptake in the forest, it does not increase atmospheric carbon dioxide concentrations.
The energy agency added that as such, the use of biomass from managed forestry products will help avoid fossil carbon emissions by replacing fossil fuels.
Other bodies such as Climate Works Australia agree that the transition to net-zero requires the use of renewable energy sources, including sustainable biomass, which incidentally is capable of producing baseload power where solar and wind are unable to do so.
Contracts lined up
As such, Sweetman Renewables is looking to leverage its sustainable biomass to produce green hydrogen, which has been forecast by Goldman Sachs to become a US$10 trillion market by 2050.
This potential has already been recognized with the company recently signing a 20-year, US$90m biomass supply contract with a Japanese conglomerate.
It is also in advanced negotiations with Verdant Earth Technologies to be the primary supplier to Verdant’s $550m biomass power station in the Hunter Valley.
The pre-IPO raise will be led by Barclay Pearce Capital, which completed successful pre-IPO capital raises for Verdant Earth Technologies and Infinite Blue Energy.
