A green hydrogen production facility at GeelongPort will be examined for appropriateness and potential environmental advantages in the feasibility study.
It will concentrate on evaluating the expedited implementation of a sizable plant for the production of green hydrogen and favored compounds, including ammonia, for use both domestically and abroad.
The proposal, according to GeelongPort CEO Brett Winter, could significantly benefit the area and boost Victoria’s ambitious renewable energy ambitions if it is done effectively.
Fortescue, which is spearheading the charge in Australia to produce green hydrogen, is partnering with us on this potentially game-changing project in Victoria, he said.
An environmentally friendly hydrogen project will help Geelong establish new sectors, improve Victoria’s energy security, and assist the local economy during both construction and operation.
GeelongPort and Fortescue Future Industries (FFI) will sketch out the project’s major operational and business plans through this feasibility study and create a prospective production schedule. The suitability of an ideal site within the GeelongPort will also be evaluated by the study.
Eva Hanly, the FFI Director for East Australia and New Zealand, stated that the organization’s mission was to transform regional Australia into a hub for green energy globally and to generate thousands of employment today and in the future.
According to her, “FFI is uniquely positioned to expedite the worldwide shift to green energy.”
The term “green hydrogen” refers to a fuel that does not emit carbon or methane during production. All other forms of hydrogen require burning fossil fuels.
“It is a viable, doable way to cut emissions and build robust economies.”
The ambitious goals of the Victorian Government to produce 95% renewable electricity by 2035 and attain net zero emissions by 2045 would be aided by the project.
A final investment decision is anticipated to be taken by the end of 2024. According to the non-binding MOU, GeelongPort, and FFI aim to finish their joint feasibility study by the end of 2023.
If the project is successful, it might support direct and indirect jobs in renewable energy during construction and help Victoria make the switch to green energy.
This partnership is just another step in GeelongPort’s mission to become Australia’s most environmentally friendly bulk port and to hasten Victoria’s switch to renewable energy.