Fortescue Future Industries (FFI) is buying a stake in Sparc Hydrogen, a company that holds an exclusive licence to develop and commercialise next-generation green hydrogen technology created by the University of Adelaide and Flinders University.
Sparc Hydrogen is developing a technology that would produce green hydrogen using only sunlight and water (photocatalytic water splitting combined with solar radiation) rather than renewable energy and electrolysis.
FFI Chief Executive Officer, Julie Shuttleworth said Sparc Hydrogen’s promising early-stage technology has the potential to create significant energy efficiencies and a cost competitive advantage with low capital and operating expenditure required compared to renewable energy and electrolysis.
“The research being undertaken by Sparc Hydrogen is important for FFI’s growing technology portfolio as we continue to develop technologies to lower emissions globally,” Ms Shuttleworth said.
“We are excited to enter into this relationship and to support this critical research into green hydrogen.”
FFI, which is building one of the largest electrolyser factories in the world in Gladstone, will initially acquire 20% interest in Sparc Hydrogen, a joint venture with Sparc Technologies and the University of Adelaide.
At stage 2, FFI could invest a further $1.475 million into Sparc Hydrogen for a total investment of $3.275 million over 4.5 years to earn a 36 per cent interest in Sparc Hydrogen.
Sparc Technologies Executive Chairman, Stephen Hunt, said: “Sparc is extremely excited to be working with a company of the calibre of FFI, which has demonstrated its credentials as being a world-leading company in green hydrogen. FFI is well placed to assist the development and commercialisation of Sparc Hydrogen’s green hydrogen photocatalytic technology.”
