Metgasco to Purchase Patriot Hydrogen
Patriot Hydrogen has signed a binding term sheet with Metgasco for a phased acquisition of its business, which will hasten the delivery of waste-to-hydrogen units.
Metgasco has agreed to buy Patriot Hydrogen in stages, with certain technical and business milestones. Patriot Hydrogen is a developer of renewable hydrogen and energy with near-term production.
Patriot has a framework agreement with a regional technology partner to develop hydrogen production projects in Australia, where there is proven market demand.
Kimberley Clean Energy (KCE) is planning to open its first commercial plant in the fourth quarter of 2022. It is part of a comprehensive MOU to deliver up to 75 units to KCE to meet the power needs of remote areas in Northern Australia.
The acquisition is part of Metgasco's plan to diversify its business. It gives the company a chance to enhance sustainability, be commercially attractive, and with no carbon footprint. It could also help the company offset emissions from its main natural gas production assets.
Source: Patriot Hydrogen
