RE: Shareholders group18 Oct 2019 12:16
The major shift has been the increasing recognition of hydrogen’s potential, both by individual states, such as Queensland and Western Australia, and by the federal government. They’ve implemented hydrogen strategies and put money behind major hydrogen projects designed to either produce hydrogen or test its various applications, or both.
You’ve also got companies like Australian Gas Infrastructure Group, pipeliner Jemena, LNG exporter Woodside Petroleum, France’s Engie and Norway’s Yara involved in early-stage projects in various parts of the supply chain for hydrogen.
Despite this progress, Australia is still a long way from realising its potential to transform wide-ranging parts of our economy, from power generation to transport, industrial heating and more.
We’re looking forward to hearing about more technologies being explored and backed which would ensure Australia makes use of hydrogen’s transformative potential not just as an export, but domestically, as a clean energy source.
Q. What hydrogen-related innovation, application or technology makes you most excited for the future?
Obviously we’re incredibly excited about HERO’s potential. Given the need to transition away from coal-fired power, and with countries like Germany choosing to shut down their coal power stations, we see its most immediate application as replacing coal boilers in existing power plants.
In this way, it can help address one of the several most challenging issues facing the world today.
First, the oppositional relationship/zero-sum game between the ‘old’ and the ‘new’ energy economies, where one fears being put out of business by the other, rather than complimenting and relying on one another.
Second, countries can continue to produce the critical baseload energy needed to fill the netload generation gap when renewables like solar and wind can’t meet demand.
Third, by using existing infrastructure, HERO can reduce the overall cost of our energy transition and increase the speed with which we can get there. It would help keep these facilities, many of which have yet to reach the end of their useful lives, and allow us to maintain grid stability – which has come under significant pressure as renewables flood the market. We’re really excited to be getting ever closer to this reality.
Lastly, the demand that HERO creates for green hydrogen will accelerate the realisation of a broader hydrogen economy, encouraging the inevitable realisation of the economies of scale needed to produce clean hydrogen at a feasible cost – with knock-on beneficial impacts across a broad range of industries.
Another innovation/technology Star Scientific is excited about is the super-critical carbon dioxide turbine (sCO2). While not directly hydrogen related, we believe that in conjunction with HERO’s clean heat generation these tiny, super-efficient turbines will completely transform energy production in the future.