After an oversubscribed capital raise, Australia’s leading-edge envirotech company, Patriot Hydrogen, is working full steam towards installing the first-ever Patriot unit in mid-2022 at Kimberley Clean Energy’s Kilto Station project near Broome, Western Australia.
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 A$1m in funds will also underpin Patriot’s planned initial public offering in the third quarter of 2022 while also funding the delivery of more Patriot modules to Kimberley Clean Energy, who has signed a memorandum of understanding for 75 units.
“We are thrilled by this outcome but not surprised. Our proven technology makes green hydrogen production possible in previously inaccessible locations” says Managing Director, Mark Roberts. “This carbon-negative process for generating renewable energy & hydrogen through biomass will revolutionise the market and help companies transition to a green energy strategy while cutting costs along the way”.
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 $100 million for ASX-listed and unlisted companies last financial year, while also assisting in 18 public listings.
Investors take note of Patriot’s technology that creates multiple revenue streams and is attracting lucrative contracts
In conjunction with CAC-H2, Patriot Hydrogen has developed a modular hydrogen production system capable of delivering hydrogen-rich syngas & biochar on a mass commercial scale, whilst also producing carbon credits for avoided emissions, & removal of atmospheric CO2.
The 100 per cent 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 fertiliser.
“The modularity of the technology is set to transform the energy industry by making green hydrogen production possible from all locations,” says Mark. “Before the emergence of the Patriot units, companies had to invest in multi-billion dollar centralised facilities, which are highly expensive to run.”
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 tonnes of carbon being polluted into the atmosphere each year.
The Patriot units can operate different feedstocks and allow users access to multiple markets that are seeing enormous growth:
Biochar is highly valued in agriculture and construction. There is already a robust global market for this product valued at US$800/tonne and is forecasted to cross the valuation of US$6.3 billion by 2031.
The syngas produced from the gasification is rich in hydrogen. The unit’s proprietary process allows for the recovery of hydrogen, which is sold both domestically and internationally in a market expected to be worth US$201 billion by 2025.
The Patriot units are eligible for two types of carbon credits - carbon removal and carbon offset - which will play a crucial role in helping companies meet their climate neutrality goals.
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.
“The partnership has played an integral role in attracting interest from companies around Australia. One of which is a signed memorandum of understanding for 75 Patriot units to be built for Kimberley Clean Energy as they seek to transition from their ageing diesel generators,” says Mark.
With the first unit set to be delivered to Kimberley Clean Energy in the coming months and a planned public listing in Q3 of 2022, the New Year is looking promising for Patriot Hydrogen.
“In the next 12 months, we look forward to continuing to sign supply deals and work with our partners to deliver more Patriot units that will help companies harness the power of renewable energy supporting the decarbonization of our economy”.