SYDNEY: As efforts to decarbonise accelerate across the globe, Poseidon H2 has been launched with the goal of becoming a big player in Australia’s hydrogen-fuelled maritime industry.
Poseidon H2 plans to use leading edge green hydrogen technology in a range of maritime applications and set the industry on a route towards zero carbon (CO2) emissions.
The company’s goal is to facilitate the use of renewable hydrogen energy among shipping companies across Australia and the world.
While helping the industry transition to an emissions-free supply chain, the company will capitalise on the rapidly expanding global demand for green hydrogen-powered ships and associated logistics technologies.
Widely hailed as ‘the fuel of the future’, hydrogen is viewed as a key contender to replace other energy sources due to its efficiency, reliability and the cost-effective solutions it offers to decarbonising economies.
The global hydrogen market has expanded exponentially as major western nations commit billions of dollars in incentives to meet their targets of net zero emissions by 2050 and propel the transition to renewable energy.
A Poseidon H2 spokesman said hydrogen could be used across commercial shipping and boating, as well as defence force industries.
“As governments, companies and investors worldwide push to minimise carbon pollution to net zero, we provide an affordable and clean solution for a sector that makes up 2.5% of global emissions,” he said.
“Hydrogen is estimated to grow into a global market worth US$201 billion by 2025. Our goal is to continue to build on this momentum and create an internationally competitive industry in Australia.”
Looking to 2050, it’s been forecast by Barclays Private Bank that 696 million metric tons of hydrogen could be used by that time. This represents a six-fold increase on current levels and $700 billion in annual sales.
In Australia hydrogen is a resource backed by the Commonwealth Government, which has developed a National Hydrogen Strategy and already provided AU$500 million in funding.
Poseidon H2 provides early access to an Australian-first business model within this industry of the new economy that is scalable across international markets.