Tuesday, August 9, 2022

Green hydrogen startup raises $1.38 million through crowdfunding

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Prospective producer of green hydrogen LINE Hydrogen has raised $1.38 million through crowdfunding as it appears to play its part in Australia’s renewable energy mix.

The Tasmanian startup hopes to become one of Australia’s first 100% renewable commercial hydrogen producers and distributors, alongside Bell Bay Solar Farm, with production commencing in early 2023.

LINE’s campaign hit its minimum target of $600,000 in 12 hours, and a fortnight later, 638 private investors tipped $1,387,308.

The money follows a $5 million election campaign pledge to LINE from the now Albanian Labor government.

LINE plans to produce hydrogen from renewable energy, using a process called electrolysis, with drinking water and medical-grade oxygen as by-products.

Founder and Chairman Brendan James said support from government, industry and community is critical in achieving zero ambitions.

“We must act now. The new government has made it clear that Australian hydrogen must be produced by Australian companies for all Australians, and now is the time for all Australians to have a say in our green future,” he said.

“On behalf of the LINE Hydrogen team, I am immensely grateful for the outpouring of passion from the hundreds of like-minded Australians who want to see tangible and real results in advancing our sustainable and green energy future. The coming months are critical for us as we begin construction and production early next year to deliver green energy around the world.”

Hydrogen is seen as an important alternative to renewable energy as the economy moves away from fossil fuels. Major automakers are developing hydrogen-powered vehicles and this week Volvo Trucks announced it will develop a hydrogen-powered electric truck with a range of up to 1,000 kilometers that can be refueled in less than 15 minutes.

Billionaire and Fortescue Metals Group founder Andrew Forrest is also heavily committed to green hydrogen and aims to produce 15 million tons of it by 2030 using wind and solar energy. He also recently signed an MoU with European energy giant E.ON and the German government must produce up to a third of that figure, five million tons, by 2030 in a deal worth up to $50 billion.

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