Up 1,450% in 2021, why Province Resources (ASX:PRL) share price is up again today

The world is re-examining hydrogen as a potential clean energy source.

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The Province Resources Ltd (ASX: PRL) share price is moving higher, up 3% to 16 cents per share.

Below we take a look at the latest announcement from the ASX hydrogen share.

What did Province announce?

Province Resources’ share price is gaining after the company reported it has secured the first of a series of required approvals for its HyEnergy green hydrogen project in Western Australia.

The section 91 licence covers an area of 99 square kilometres, known as the Town Common, situated north of Carnarvon.

The company plans to build its HyEnergy Project production site and some upstream generation assets in the licenced area. Once completed, the green hydrogen project could produce up to 8GW. Though Province said it may initially be developed with a smaller capacity.

Province Resources managing director David Frances said that the licence was just the first step in a series of required approvals before the project becomes operational. But the company is excited to commence activities in the Town Common.

Commenting on the license approval, Frances said:

This approval allows us to get on the ground to commence our environmental, heritage, geo technical and other survey work. It means we get can get a better understanding of the physical properties of the location to support our concept selection process. We are looking forward to being on site in the coming weeks to begin this important work.

The company is currently in discussions with the Western Australian government and the Shire of Carnarvon to secure a long-term lease of the Town Common.

It said its also in discussions with pastoralists, traditional owners and the state government to secure access to a “broader area of the Gascoyne Region” for the purpose of installing large-scale wind and solar generation assets.

Province Resources share price and company snapshot

The Province Resources share price has hands down been a stellar performer in 2021.

Year-to-date shares are up an eye-popping 1,450%. That’s more than 130 times the 11% gains posted by the All Ordinaries Index (ASX: XAO) this calendar year.

Over the past month the Province Resources share price is up 3%.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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