(Bloomberg) -- Infinite Blue Energy plans an initial public offering that would make it the first zero-emissions hydrogen company to list on the Australian Stock Exchange.
The Perth-based group is looking to raise A$2 million ($1.45 million) in pre-IPO funding to aid the development of a hydrogen facility in Western Australia driven entirely by renewable power. The company plans to list on the ASX in the first quarter of fiscal 2021, ahead of first production from the plant in 2022.
Solar and wind power will be located on site, with IBE targeting output of more than 25 tons of hydrogen a day. Demand for ‘green' hydrogen far outstrips supply, the company said in a presentation, with stage one of its Arrowsmith project only enough to satisfy 4% of its offtake orders.
Most of the world's hydrogen production is currently derived from fossil fuels, but Australia's strong solar and wind resources are seen making it one of the best places in the world to develop greener technology which produces the fuel from renewable electricity via electrolysis. Earlier this year, the government announced a A$300 million fund to promote the development of a hydrogen export industry over the next decade.
IBE said it was in talks with local industry to supply the fuel via blending into existing nearby natural gas pipelines as well as to the transport sector.
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