Hydrogen Intelligence - H2lligence’s Post

Fortescue has agreed to purchase a 39.8% stake in natural hydrogen company HyTerra for AUD$ 21.9 m ($14.9m), making the mining firm the largest shareholder of the company. HyTerra will use the investment to support its plans to drill six wells in Kansas, the US, for natural hydrogen exploration, for which a permit was secured last month The 40% stake will be subject to shareholder approval, which is expected to be used to fund an expanded initial exploration phase of the #Nemaha Project. This will see its pre-drill acreage expanded and open new drilling opportunities that are identified. The Nemaha Project site is located around 200m north of a well drilled in 2009 which reported up to 92% hydrogen and up to 3% helium. “This investment would enable HyTerra to have a strong financial position going forward, but it’s the possibility to propel the global decarbonisation journey with such a visionary company that is truly exciting,” explained Benjamin Mee, HyTerra’s Executive Director. “HyTerra would then drill six wells across multiple geological plays to choose the best areas to develop and through the strategic alliance with Fortescue Zero use this knowledge and data to pursue other global opportunities,” Mee added. Osama Fawzy Georgy HENEIN, MBA

Fortescue acquires 40% stake in natural hydrogen exploration company HyTerra

Fortescue acquires 40% stake in natural hydrogen exploration company HyTerra

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