Australian clean energy company Pure Hydrogen Corporation Limited (ASX: PH2 or 'Pure Hydrogen') attach an amended Half Year Financial Report for year ended 31 December 2023.
The only change to the previously lodged Half Year Financial Report (lodged with the ASX 15 March 2024) is the Consolidated Statement of Cashflows, specifically allocations within cashflow from operating and investing activities. Cash as at 31 December 2023 remains unchanged and was recorded at $8.564 million.
Contact:
Scott Brown
Tel: +61 2 9955 4008
About Pure Hydrogen Corporation Limited
Pure Hydrogen is a clean energy-focused company seeking to become the leader in the development of Hydrogen and Energy Projects. It has plans to supply hydrogen fuel as a domestically sourced clean fuel in Australia and other countries. Coupled with its controlling shareholding of HDrive offering an expanding line of Hydrogen fuel cell and electric commercial vehicles to customers seeking to reduce their emissions. Pure Hydrogen has a number of solutions that can allow transition to Zero Emissions (ZE) for commercial customers. Concurrently, the Company is developing natural gas projects directly in Australia and indirectly in Botswana through a strategic investment it holds in a Botswana-focused energy company listed on the Australian Securities Exchange. Strategically, Pure Hydrogen will also prioritise incubation for early-stage companies or projects within the clean energy sector, with the aim of realising profits from those investments.
Principal and development activities
Pure Hydrogen is a clean energy company focused on building a holistic hydrogen ecosystem - covering all sections of the market from production to end-use - in Australia and around the world. The Company's dual strategy involves developing a network of clean hydrogen production facilities across Australia while supplying the market with multiple fuel cell products such as trucks, buses and generators. As part of this, the Company has adopted a capex-light strategy focused on a partnership approach for vehicle production and delivery, supported by production 'microhubs' at targeted infrastructure sites. In the short-term it will focus on developing green hydrogen production plants (in modular form) located close to customers. Following this, in the medium-term, Pure Hydrogen is planning to roll out emerald and turquoise hydrogen production facilities. As it stands, Pure Hydrogen is positioning itself to become a leader in the hydrogen space, through the below developments.
Entry to North American hydrogen market: Purchase order for hydrogen fuel cell electric vehicles (HFCEV) As part of the ongoing development of its HFCEV manufacturing capacity and the distribution of its vehicle fleet, Pure Hydrogen's majority owned subsidiary, Hdrive International ('Hdrive') confirmed its entry into the North American market during the half-year with a two-vehicle purchase order from a California-based dealership. The deal, worth approximately US$1.22 million, will see Hdrive supply a 6x4 50T prime mover and 54- seater coach (subject to conditions precedent) to hydrogen-specialist North American dealership, Nutcher Hydrogen. The order is the first of its type for Hdrive in the North American market and represents a significant expansion opportunity. As a first-mover in the North American HFCEV industry, Nutcher Hydrogen's strategy is based on the hydrogen use-case for heavy commercial vehicles, where the weight requirements of electric battery vehicles become a hindrance to performance. The vehicles manufactured by Hdrive will be custom-designed and made in accordance with United States Federal Motor Vehicle Safety Standards - the national regulations for design, construction, performance and safety. The vehicles are slated for delivery to Nutcher Hydrogen following the completion of compliance testing. Due to importation compliance measures, the purchase order is subject to finalisation of the vehicle specifications to US-standards, homologation timeframes and acceptance at the final inspection. Following delivery and regulatory clearance, Nutcher will use the two HFCEV's as demonstration vehicles to complement the ongoing development of its hydrogen refueling infrastructure. The Company, majority owned Hdrive International received a further order of 2 Mini Buses in September 2023 (see ASX announcement 12 September 2023) and is on track to delivery these Buses shortly. The Buses are currently undergoing testing and will then have the signage of the Operator added before they go into service.
Turquoise Group enters construction phase for its commercial demonstration plant During the half-year, Pure Hydrogen confirmed that the Turquoise Group ('TG') had taken delivery of key equipment for the construction of its commercial demonstration plant ('CDP'), targeting conversion of methane gas into hydrogen gas as a clean fuel and synthetic graphene products. Pure Hydrogen holds a strategic 40% stake in the TG, with exclusive long-term acquisition rights for hydrogen produced by TG in Australia. Located in Brisbane, Queensland, the CDP is being developed by TG in collaboration with Plenesys, who has designed the HyPlasma technology process - a plasma-based technique used to convert methane gas into clean hydrogen and solid carbon products. The international delivery of plasma-based methane pyrolysis equipment manufactured by Plenesys marks a major step forward in TG's stated plan to develop and construct a commercial demonstration plant at its Brisbane facility and establish its position as a first mover in the emerging field of turquoise hydrogen production. Since taking receipt of the pyrolysis equipment, the TG has advanced construction and commissioning of the project, which is targeted for completion in Q2 CY2024. The construction phase will be followed by a six-month intensive test program with the aim of optimising hydrogen production and advancing graphene production capabilities. The TG's hydrogen production facility in Brisbane is in line with Pure Hydrogen's stated strategy to develop an interconnected hydrogen ecosystem supplying net-zero hydrogen fuel sources at scale. To-date, the Company has prioritised a partnership approach with companies, such as TG and Plenesys, who have the technology and expertise to develop commercially viable solutions which are complemented by Pure Hydrogen's advantage in selling and distribution.
Project Venus Surat Basin Walloon CSG
Project Venus, permit ATP2051 is 100% owned by Pure Hydrogen. Project Venus contains high quality and very prospective acreage covering 154km2 within the main Walloon Coal Seam Gas Fairway and close to gas infrastructure including gas pipelines. There is significant coal in this permit and the Company believes it can turn these into significant gas resources. Pure Hydrogen's Project Venus is located within the proven Walloon CSG Fairway and immediately adjacent to gas pipeline infrastructure in the Surat Basin. It offers relatively low risk and a lot of value with its 130PJ of 2C Contingent Gas Resources and 536 PJ of Prospective Gas Resources. The estimates of contingent resources of the Upper Juandah Coal Measures within the Walloon Subgroup for Project Venus (ATP2051) following the drilling of Venus-1 pilot well is provided below:
Contact:
Tel: (02) 9290 3099
Email: add3@addca.com.au
Web: www.addca.com.au
PURE HYDROGEN CORPORATION LIMITED 
