Australian oil and gas junior Lion Energy is looking to hitch its wagon to the green hydrogen movement as it plan to expand its business beyond its Indonesian oil and gas assets.
Lion revealed this week it was “embracing the energy market disruptor” when unveiling its green hydrogen strategy, which will be managed under a new established business name - Lion H2 Energy.
The company is initially establishing a green hydrogen advisory board and will appoint experts to analyse optimal electrolyser locations in Australia and then seek to secure land rights.
It also intends to establish joint ventures with “global players” to build the necessary large scale solar and/or wind farms and storage facilities needed to produce green hydrogen for both domestic use and export.
“We are excited to venture into green hydrogen to participate in the energy transition and to leverage Australia’s comparative advantage in renewable energy,” Lion chairman Tom Soulsby said.
“We are actively working on delivering against our objectives stated above and will make further announcements in due course.”
The move comes after Lion last month received firm commitments to raise A$2.8 million (US$2.2 million) to pursue green hydrogen opportunities in Australia, as well as to study potential hydrogen production Seram Island, Indonesia, where its producing oil and gas activities are located.