Spark Technologies has signed a contractual agreement with Fortescue Future Industries, a worldwide green energy corporation, to support the development of green hydrogen generation technologies that rely solely on sunshine.
Fortescue has bought a share in Spark and will collaborate with the University of Adelaide to speed up the development and commercialization of the new technology.
Fortescue will receive a 20 percent ownership in the joint venture for a $1.8 million investment and will have the option to grow the holding to 36 percent at a later date for an additional $1.48 million investment.
Cutting-edge technologies
Spark, located in South Australia, is putting its revolutionary “photocatalysis” technology to use after experts at the University of Adelaide and Flinders University created it.
Instead of renewable energy and electrolysis, green hydrogen may be created using simply sunshine and water with this technique.
Photocatalysis uses just sunshine to break down water into hydrogen and oxygen, lowering the cost and land area required for sustainable hydrogen production.
The advancement of this technology will eliminate the need for massive solar or wind farms to manufacturing renewable hydrogen, lowering costs and increasing flexibility in production.
Cost-cutting
In a statement, Spark noted that capital and operational costs are likely to be lower than those of the electrolysis and other hydrogen-producing methods now in use.
Furthermore, this technology may be operated remotely or on-site, decreasing the need for long-distance hydrogen transit and transmission.
Given Fortescue’s significant investments in the hydrogen industry, Spark CEO Stephen Hunt expressed excitement about the relationship.
In exchange for licensing the intellectual property rights to the photocatalysis technique, the University of Adelaide will possess a 28 percent share in the joint venture.
The cooperation will also provide the institution with the necessary finances to continue its research and development.
Fortescue has big intentions
The agreement is the latest in a long line of investments and initiatives for Andrew Forrest, which aspires to be a global leader in green energy technology, with a particular focus on renewable hydrogen and ammonia production.
Fortescue’s investment in the new technology was motivated by the company’s commitment to supporting climate change solutions, according to Julie Shuttleworth, the company’s CEO.
“Overwhelming scientific data that global temperatures are rising, and green hydrogen is a realistic way to decarbonize heavy sectors and industries,” she stated.
Spark’s research is critical to Fortescue’s increasing technology portfolio, which is developing emissions-reduction technologies throughout the world, she said.
“We are thrilled to be a part of this alliance and to be able to fund this critical research for the green hydrogen industry,” she added.
Fortescue has lately formed a number of collaborations to promote the production and use of renewable hydrogen, including plans to provide hydrogen to a Queensland ammonia plant and to convert a defunct oil refinery in New Zealand into a hydrogen production facility.
It also announced the production of a device to make hydrogen via electrolysis last month, as well as the $130 million acquisition of technology and engineering leader Williams Advanced Engineering, a branch of the Williams F1 team, which is creating high-efficiency batteries.
