Member Info for LSE03

Https://www.bluestarline.com.au/titanic-builder-harland-wolff-refuses-palmer-lifeline/

Media release - partial extract

Mr Palmer, whose company Mineralogy holds nearly 3% of the issued capital in Harland & Wolf, has blasted the shipbuilder for refusing meetings while engaging Rothschild & Co as financial adviser to assess the group’s strategic options.

“Pre-organised site meetings in Belfast have been suddenly cancelled and financial advisors have been appointed in what appears on the surface to be a dirty deal in the making,’’ Mr Palmer said.

With the new UK Government refusing to bail out the crisis-hit company, Mr Palmer had expressed interest in making a $200 million financial contribution on top of a potential contract of up to $1 billion to build Titanic II.

Mr Palmer is one of Australia’s wealthiest individuals, ranked sixth on the nation’s rich list with assets of $23 billion and zero debt.

“They are clearly in dire straits and interim chairman Russell Downs will not even agree to a face-to-face meeting with me,’’ Palmer said.

“As Harland & Wolff shares are currently suspended, I would have thought it would be in the interests of the shareholders that additional capital arrangements could be made to secure the company’s future.

“These actions should raise alarm bells. It appears to me that the company and its advisors are not acting in the best interests of its shareholders. Are they working on a dirty deal that sells them out?”

“There should be a government enquiry into Harland & Wolff,’’ Mr Palmer said."

Https://www.eunews.it/en/2024/09/11/eu-uk-green-energy-partnership/

Brussels – The call for an EU-UK Green Energy Partnership (GEP) by the British Chamber of Commerce in Brussels proves that climate advocacy has no borders and Brexit is not an obstacle.

The GEP is part of the broader green transition process with “Zero Emissions by 2050” as its goal and follows commitments made by the EU and the UK to COP28. The five proposed areas of collaboration are energy, research and innovation, transport, capital market, and carbon.

The EU, especially under the von der Leyen Commission chairmanship, is working to realize its role as a global green transition leader, which has become one of Europe’s key political and economic goals. Similarly, the United Kingdom is working toward achieving greenhouse gas emission reductions.

Managing this momentous change entails, for the EU and the UK, shared challenges related to the supply of materials, expertise, and financing to ensure safe and low-emission energy. For this, the British Chamber of Commerce in Brussels recalls the need to form a joint partnership—hopefully signed by the EU and the UK—through which the borders due to Brexit will be broken down with joint actions to protect future generations and strengthen European competitiveness.

The invitation is also extended to members of the Chamber of Commerce to sign the document and, most importantly, provide their expertise and experience regarding European policy and EU-UK relations to enrich future seminars regarding this topic.

Islandmagee can be a large scale hydrogen storage facility supporting UK and European energy transition and all island Ireland energy security with access to additional EU

funding and deliver economic and environmental benefits for NI.

Https://www.theguardian.com/society/article/2024/sep/11/social-mobility-in-uks-poorest-areas-falling-further-behind

Economy Minister @conormurphysf today attended @Hydrogen_NI’s conference in Belfast where he addressed senior stakeholders from across the local energy sector.

 

The Minister said: “Achieving net zero is one of my economic priorities, alongside regional balance, productivity and good jobs, and the hydrogen industry has a contribution to make to each of these, helping to both decarbonise our environment and create economic opportunities.

“I am committed to exploring all opportunities to help the sector grow here, including collaborating with my counterparts in Dublin and London, and I have set up a hydrogen industry working group which Hydrogen NI will participate in as we work together to maximise the opportunities hydrogen presents.”

Https://www.whitecase.com/news/press-release/white-case-advises-kalyon-enerji-eu249-million-ukef-backed-financing-seven-solar

To Turkiye

Not clear at all which UK business this is supporting when you read the announcement.

Aodhan McAleer, Hydrogen, Storage and Power to X, Senior Manager at ESB

🏆 "It always seems impossible until it's done"! - Proven Hydrogen Storage in a Depleted Gas Field, Austria

⚡ ESB Hydrogen Storage team had the privilege to recently visit a project in Austria which has proven how hydrogen storage can work in a depleted gas field.

🛠 Renewables and Gas (RAG ) Austria AG kindly shared details on their project proving hydrogen production, hydrogen storage in a depleted gas field, and then successful withdrawal to power a zero emissions dispatchable generation Jenbacker combined heat and power (CHP) unit.

This is a great short video showcasing it in action. https://lnkd.in/e7q9AK8S

🔗 We are taking the learnings from this successful generation story for our project at the depleted Kinsale reservoir, Kestrel. Together with dCarbonX Snam/Bord Gais Energy Centrica , we are proposing the transformation of the reservoir to provide Ireland with a large scale hydrogen storage facility that is critical for the country's climate efforts and delivery of a net-zero energy future. https://h2kestrel.ie/home

Timing is interesting 🤔

Islandmagee could be a much more sensible alternative for all island energy security.

https://www.agendani.com/energy-security-in-an-all-island-context-2/

InvestNI

https://www.investni.com/support-business/improve-skills/video-tutorials/future-economy-powered-clean-hydrogen

Apr23 - InvestNI explain the hydrogen opportunity for NI and the use of salt caverns.

4th Sep

4th Sep

https://www.solarpowerportal.co.uk/going-underground-gravitricity-on-the-use-of-hydrogen-for-energy-storage/

Development of Islandmagee Northern Ireland could also align with the GB National Gas's hydrogen plans as envisaged under Project Union.

Note, identifying a concern that UK's salt cavern capacity potentially overstated making Islandmagee salt cavern development of more value to the nation.

A timely article by Energy Voice highlighting the opportunity salt cavern hydrogen storage presents for energy transition to meet climate targets and support the UK economy.

The Great Belfast Hydrogen Hub presented by Mutual Energy shows how a green hydrogen economy can be developed in Northern Ireland for the benefit of society.

5th Sep, Energy Voice

https://www.energyvoice.com/renewables-energy-transition/hydrogen/uk-hydrogen/559304/the-crucial-role-of-hydrogen-storage-and-networks-a-call-for-decisive-government-action-to-secure-our-clean-energy-future/

Aug 24, AgendaNI

Greater Belfast Hydrogen Hub, Islandmagee

https://www.agendani.com/green-hydrogen-a-golden-ticket-towards-net-zero-goals/

Tenders are sought from interested parties to supply to Shetland Islands Council a new vessel in accordance with the Specification of Requirements and in the timescale detailed in the Invitation to Tender documents. The requirement is for an MCA workboat code compliant new build steel monohull vessel with 12 passenger capacity.

https://www.publiccontractsscotland.gov.uk/Search/show/Search_View.aspx?ID=SEP513508

Can H&W tender for this - expect perhaps not now.

IERC (2023), “Hydrogen in the Irish Energy Transition: Opportunities and Challenges”, International Energy,Research Centre (IERC), Ireland

https://www.ierc.ie/wp-content/uploads/2023/12/IERC_Hydrogen-in-the-Irish-Energy-Transition.pdf

"Recommendation 9:

Robustly evaluate feasibility of large-scale hydrogen storage in salt caverns.

In the North of Ireland there are a few underground salt layers which could be used to build hydrogen storage

facilities. Seven salt caverns located at Islandmagee in County Antrim (Northern Ireland) will be used to store up

to 500 million cubic metres of gas in the salt beds 1,500 metres below Larne Lough [243]. These caverns could also

be used to store hydrogen..

Feasibility of hydrogen storage in salt caverns is required to prove that hydrogen can be used in the future as a flexibility resource to balance the fluctuations of renewables, given the 2030 scenario where the expected installed capacity of intermittent renewable sources will be three times higher than the forecasted average load.....

If appropriate support for the development of large scale hydrogen production and storage and to identify opportunities for using salt caverns and aquifers for hydrogen storage."

Academic studies already completed to evaluate the potential green hydrogen opportunity for island of Ireland which include references to Islandmagee such as:

March 2021 HYDROGEN - EXPLORING OPPORTUNITIES IN THE NORTHERN IRELAND ENERGY TRANSITION

https://matrixni.org/documents/hydrogen-exploring-opportunities-in-the-northern-ireland-energy-transition/

"Northern Ireland is uniquely positioned in the United Kingdom (UK) and Europe to become a leader in hydrogen deployment and technology. Abundant, and in many cases untapped, onshore, and offshore renewable resources, modern gas and electricity networks, interconnection to both Ireland and Great Britain, a relatively small geographic area, availability of salt cavern storage, and an internationally recognised track record of engineering and manufacturing innovation give Northern Ireland a competitive edge."

June 2023 "Prospective roles for green hydrogen as part of Ireland's decarbonisation strategy"

https://www.sciencedirect.com/science/article/pii/S2590123023001573#sec5

January 2024 "Underground hydrogen storage: A UK perspective"

https://www.sciencedirect.com/science/article/pii/S1364032123008596

2022 "Overview of Hydrogen and Geostorage Potential in Ireland"

https://www.ucd.ie/earthsciences/t4media/Overview%20of%20Hydrogen%20and%20Geostorage%20Potential%20in%20Ireland.pdf

2022 Matrix : Northern Ireland Science Industrial Panel, Foresight Study

https://matrixni.org/documents/northern-irelands-future-hydrogen-capability-and-demand/#:~:text=Matrix%20recognises%20the%20potential%20of,Hydrogen%20sector%20in%20Northern%20Ireland.

Seems like significant recent academic / expert / industry focus in evaluating and understanding the NI opportunity to help supp

Rothschilds / Riverstone may benefit from engagement with H2eart for Europe to form a solid understanding of the underground hydrogen storage opportunity. An EU focused group however some members such as Storengy and Uniper are players in the UK gas market.

In Jan 2024, H2eart for Europe was launched in January 2024 by a group of frontrunner storage service operators.

https://h2eart.eu/about/

"Coming from 7 EU member states, our members are united with a common purpose. We strive to accelerate the decarbonization of the European energy system at the lowest cost to society. How? By developing underground hydrogen storage.

“With our collective wealth of expertise, we are best positioned to plan, construct, manage and operate cutting-edge underground hydrogen infrastructure."

"We support European decarbonization ambitions by securing and scaling underground hydrogen storage projects in the EU."

2 Sep 24

Uniper SE has opened its Hydrogen Pilot Cavern (HPC) Krummhörn demonstration plant.

https://www.rigzone.com/news/uniper_opens_demo_hydrogen_storage_plant_in_germany-02-sep-2024-177962-article/

Oct 23 "Bord Gáis Energy joins ESB and dCarbonX on green hydrogen storage project"

https://www.offshore-energy.biz/bord-gais-energy-joins-esb-and-dcarbonx-on-green-hydrogen-storage-project/

"Bord Gáis Energy, part of Centrica plc, has joined ESB and dCarbonX on the Kestrel project which proposes the re-development of decommissioned gas reservoirs at the Kinsale Head gas field offshore Ireland for large-scale green hydrogen storage."

May24 - "Centrica, Equinor, SSE Thermal join forces for hydrogen hub proposal"

https://www.current-news.co.uk/centrica-equinor-sse-thermal-hydrogen-hub/

Jun 24 - Centrica

https://www.thechemicalengineer.com/news/wood-wins-centrica-contract-to-ready-rough-for-hydrogen-storage/

"UK engineering firm Wood has been awarded a design contract from Centrica to redevelop its Rough facility in the North Sea in preparation for hydrogen storage."

https://www.current-news.co.uk/centrica-equinor-sse-thermal-hydrogen-hub/

Mar 24 - Storengy announed co-ordination of a large scale european salt cavern storage project

https://www.h2-view.com/story/storengy-to-coordinate-large-scale-european-salt-cavern-storage-project/2107848.article/

So plenty of potential Storage Operators actively engaged in developing a hydrogen storage capability and as such may be interested in developing Islandmagee salt caverns for Northern Ireland.

The NI Energy forum 2024 on the 17th September at Titanic House Belfast has specific themes covering Decarbonising the Northern Ireland Economy and Developing a Hydrogen Economy and are potentially a useful forum for interested parties to understand the commercial opportunity .

https://nienergyforum.com/

In Sep 2023, the Royal Society published a GB focussed large-scale electricity storage policy briefing.

https://royalsociety.org/news-resources/projects/low-carbon-energy-programme/large-scale-electricity-storage/#:~:text=Storing%20hydrogen%20in%20solution%2Dmined,caverns%20that%20will%20be%20needed.

This policy brief considers the role large-scaleelectricity storage will need to play in a GBelectricity system supplied largely by wind andsolar. The analysis of the amount and type of storage that will be needed allows for baseload nuclear

power or gas with CCS. Ultimately, the optimum mix will depend on costs, security and sovereignty of supply and the level of carbonand methane emissions considered acceptable. Resilient planning assumptions will need to be made to reach net zero by 2050 cost effectively. The need for storage and how it can best be provided depend on local factors, including the demand profile, the weather and climate, and the potential storage technologies and available

sites. While this brief focusses on GB, the methodology and the conclusions on storage technologies are applicable elsewhere.

The Royal Society policy briefing says :

"What electricity storage will be needed, and what are the alternatives?

Electricity can be stored in a variety of ways, including in batteries, by compressing air, by making hydrogen using electrolysers, or as heat. Storing hydrogen in solution-mined salt caverns will be the best way to meet the long-term storage need as it has the lowest cost per unit of energy storage capacity."

In addition to the Atkins report, The Ballylumford Power to X project (approx 1m pounds, UK Govt, BEIS funded) highlights the role Islandmagee can play .

"The Ballylumford Power-to-X Project Phase One report proves that a fully green gas network for Northern Ireland is not just a pipe dream.

The first of its kind in NI, the research shows that a full cycle hydrogen economy can be achieved, fostering growth in the renewables sector, creating thousands of jobs, bringing inward investment, whilst helping the UK meet its net zero targets."

https://ballylumfordp2x.co.uk/

Atkins are world respected engineering experts and have been employed by billionaire Sir Jim Ratcliffe's Ineos to design a 'world scale' hydrogen plant at Grangemouth

https://www.energyvoice.com/renewables-energy-transition/hydrogen/uk-hydrogen/447994/atkins-to-design-world-scale-grangemouth-hydrogen-plant/

An Islandmagee Hydrogen storage facility may also be able to link in with a green hydrogen refuelling corridor between Belfast and Dublin co-funded by the Republic of Ireland's Ministry of Trasnport, the Shared Island Fund and the Northern Irish Department for the Economy.

https://www.oireachtas.ie/en/debates/question/2024-01-17/203/

The map below also highlights how the Islandmagee Salt Caverns could link in with the European Hydrogen Backbone

(See map which shows salt caverns, the link to the Republic of Ireland network and through to mainland Europe.)

https://hydrogentechworld.com/european-hydrogen-backbone-launches-website-with-maps

European Hydrogen Backbone Buildout well underway

https://www.powerengineeringint.com/hydrogen/european-hydrogen-backbone-buildout-well-under-way/

Presumably Riverstone / Rothschilds are now seeking to maximise the potential opportunity for the Northern Ireland economy and Harland & Wolff.

Atkins completed a Large Scale Hydrogen Concept Study for Harland & Wolff at Islandmagee

https://www.sharesmagazine.co.uk/news/market/LSE20230417070005_4738767/islandmagee-update-concept-study-findings

"The Report documents the work carried out in order to provide further design definition on the selected concept of integrating hydrogen processing and storage at the Company's Islandmagee Gas Storage Facility. This phase of the work has further developed the Company's strategy, to utilise at least one of seven currently permitted salt caverns by a capacity offtake partner to store hydrogen combined with a suitably sized hydrogen compression and dehydration train in order to meet the gas quality parameters specified by a grid operator.

The findings of the Report state that, subject to regulatory approval, hydrogen can be stored in the salt caverns and withdrawn to a hydrogen grid when required. The Large-Scale Hydrogen Concept design, developed by Atkins as part of the Ballylumford Power-to-X consortium, takes into account the existing natural gas design at the Company's facility and the potential to utilise the site for the Ballylumford Power-to-X project. It also takes account of the existing subsurface design carried out during the natural gas design phase in 2018.

The key outcomes of the pre-FEED stage of this project are as follows:

· Integrating hydrogen onto the Islandmagee Gas Storage Facility is technically feasible based on existing technologies and can be located on the current Islandmagee site utilising many of the shared benefits of the location.

· The Report concluded that additional capital expenditure required to integrate hydrogen compression, dehydration, and cooling into the Company's Islandmagee Gas Storage Facility would be approximately £168 million, with no incremental costs for drilling, leaching and creation of a salt cavern.

· The Report determined that development of the salt caverns for hydrogen would follow a similar methodology to that proposed with the existing design for the gas storage facility. Whilst specific wellheads and associated equipment could be utilised to enable hydrogen storage, additional costs would need to be incurred and further operating protocols put in place for hydrogen venting around existing leaching and de-brining equipment. However, in general, there is minimal difference from a cavern perspective as to what gas medium is stored.

· The Report found that re-use of planned natural gas plant facilities wherever possible to develop the hydrogen facilities would be economically and operationally prudent so that systems are not re-designed for hydrogen unless required. "

Partial extract.

The timely Large-Scale Hydrogen concept study provides expert engineering evidence supporting the development of the hydrogen storage opportunity at Islandmagee which could then support the Greater Belfast Hydrogen Hub.

Https://www.businesseye.co.uk/news/minister-attends-northern-irelands-green-growth-forum/

On the Green Growth strategy, which he intends to bring to the Executive for consideration after the summer recess, he said it provided a solid framework for tackling the climate crisis in the right way and helping us on road to net zero.

The draft strategy, approved by the previous Executive, has been revised and updated to incorporate feedback from the public consultation exercise in 2022. It has been further updated to ensure its accuracy and relevance since the return of the Executive"

This video should dispel any doubt of the key role that large scale hydrogen storage is expected to play in energy transition in the island of Ireland. Paddy Hayes CEO of ESB in particular highlights the essential role of large scale hydrogen storage and the commercial opportunity /considerations.

https://www.youtube.com/watch?v=DNBIL3SA1dE

This webinar sought to examine Ireland’s potential in the area of green hydrogen, and how this potential can be fulfilled.

Contributors:

Seán Kelly MEP

Paddy Hayes (CEO of ESB)

Noel Cunniffe (CEO of Wind Energy Ireland)

Catherine Sheridan (COO of EIH2)

The event focused on harnessing Ireland’s potential in the area of green hydrogen and how producing, storing and using green hydrogen can complement the role of electricity in a secure, resilient, zero carbon integrated energy system, and what policy support measures could be introduced to speed up the transition to a hydrogen economy. The event also discussed the broader context with of ensuring energy security and system resilience, while working towards the overarching goal of a decarbonisation of the economy.

Aligns with Mutual Energy's Northern Ireland Energy Transition

Mutual Energy is obliged to act as a thought leader within the Northern Ireland energy policy debate to promote the long-term interests of Northern Irish energy consumers.

https://www.mutual-energy.com/energy-transition/

Working closely with government, regulators and other key industry stakeholders, our focus is on strategic upstream issues critical to the successful delivery of the energy transition in Northern Ireland, including:

security of supply, large scale energy storage, decarbonisation of dispatchable power generation, cross border policy coordination, system planning initiatives and strategy development.

Aug24

aligns with Greater Belfast Hydrogen Hub plans identified by Mutual Energy and now promoted on twitter, identifying the role of windfarms and large scale hydrogen storage in salt caverns.

and aligns with RenewableNI Offshore Wind Plans (Aug 24)

https://www.agendani.com/green-hydrogen-a-golden-ticket-towards-net-zero-goals/

If developing Islandmagee salt caverns to support the Greater Belfast Hydrogen Hub initiative, there is a wider all island energy security benefit

https://www.agendani.com/energy-security-in-an-all-island-context-2/

and also the potential to optimise development of energy storage facilities from an all island perspective

https://www.centrica.com/media-centre/news/2023/bord-gais-energy-joins-esb-and-dcarbonx-in-large-scale-energy-storage-project-offshore-in-cork/

https://www.irishexaminer.com/news/munster/arid-40964933.html

"Reopening of Kinsale gas storage reservoir would require 'major investment'"

Working together under the Energy Transition UK-Ireland MoU signed in Sep 23, UK and Republic of Ireland govts could cooperate to deliver an all island energy solution to deliver the Greater Belfast Hydrogen Hub initiative, all island Ireland energy security and secure the jobs and economic prosperity of Harland and Wolff.

https://www.gov.uk/government/publications/energy-transition-uk-ireland-memorandum-of-understanding

Https://www.insidermedia.com/news/ireland/belfast-harbour-showcases-renewable-energy-and-tourism-investment-plans

"Belfast Harbour’s plans to redevelop and enhance the port’s offshore renewable energy and cruise facilities have been showcased to infrastructure minister John O’Dowd and economy minister Conor Murphy.

In a joint visit, the ministers heard from chair Dr Theresa Donaldson and chief executive Joe O’Neill about Belfast Harbour’s vision to make Belfast a hub for future offshore wind development on the island of Ireland, through investment in new infrastructure.

Belfast Harbour’s Offshore Wind Terminal is currently the only facility of its type on the island for the transport and assembly of offshore wind turbines and between 2013 and 2018 delivered 66 per cent of UK offshore wind capacity."

Belfast Harbour’s new plans would see the cruise business relocated to a new berth and an integrated facility developed which will be capable of facilitating both cruise and offshore renewable energy activity, including assembly of foundations for floating offshore turbines and advanced manufacturing potential. When completed, the terminals will play vital roles in the development of the offshore renewable energy and tourism sectors.

The ministers were also briefed on Belfast Harbour’s net zero ambitions and its progress in reducing carbon emissions from its operations.

Infrastructure minister John O’Dowd said: "Belfast Harbour plays a crucial role as the region’s principal maritime gateway and logistics hub and is also a critical infrastructure asset for the island of Ireland.

"I was pleased to hear about Belfast Harbour’s vision to develop new infrastructure which has the potential to not only boost trade and tourism, but also to help meet the Executive’s net zero targets by facilitating new renewable energy capacity across the island."

Economy minister Conor Murphy added that the proposed investment will support his department’s "key strategic objectives to create good jobs and reduce carbon emissions".

Dr Theresa Donaldson said: "Belfast Harbour is at the forefront of the offshore wind sector and we understand that ports have a strategically important role to play in the success of the wider renewable energy industry. We were delighted to have the opportunity to brief the ministers about our goals to drive additional offshore renewable energy development and cruise activity."