Global Energy (ASX:GEV) share price gains 7% on hydrogen export study update

The future is looking bright for Global Energy Ventures and Australian green hydrogen

| More on:
A man and woman put hands in the air as they dance in front of a green brick wall.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Global Energy Ventures Ltd (ASX: GEV) share price is surging higher today following news of a study into exporting hydrogen.

The company has announced the beginning of a feasibility study into transporting hydrogen from Western Australia to markets in the Asia Pacific region using its compressed hydrogen ships.

Global Energy Ventures specialises in energy transportation. It is currently an early mover in the transportation of hydrogen.

Earlier today, the Global Energy share price jumped by 12% to 9.2 cents. It has since partially retreated to 8.7 cents, a 7.4% gain on its previous close.

Let's take a closer look at the latest news from Global Energy Ventures.

Study into shipping hydrogen begins

The Global Energy share price is taking off on the back of a new study into transporting green hydrogen.

Hydrogen is labelled 'green' when it's processed using renewable energy.

The feasibility study will look into the possibility of transporting hydrogen from Province Resources Ltd's (ASX: PRL) HyEnergy Zero Carbon Hydrogen Project using Global Energy Ventures' compressed hydrogen shipping solution.

The study recently received up to $300,000 of funding from the Western Australian government.

It will integrate the HyEnergy Project's proposed green hydrogen production facility, an onshore compression facility, and an offshore mooring and loading system.

Global Energy Ventures proposes to build the onshore compression facility and offshore terminal.

The study will also integrate a fleet of compressed hydrogen ships, like those owned by Global Energy Ventures, for marine transport. It will assess the potential to transport the green hydrogen to markets in the Asia Pacific region.

The study is expected to be finished in the June quarter of 2022.

Global Energy share price snapshot

This year has been particularly good to the Global Energy Ventures share price.

Right now, the company's share price is 11% higher than it was at the start of 2021. It has also gained 48% since this time last year.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

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.

More on Energy Shares

Worker at a gas and oil pipeline.
Energy Shares

Woodside shares rise on $2.1 billion sale and partnership

Woodside has struck a deal with JERA. Here's what you need to know.

Read more »

An older couple driving in a convertible on a freeway.
Dividend Investing

1 ASX 200 dividend stock I'm buying for superior passive income in 2024

This ASX 200 dividend stock trades on a juicy yield and could see sizeable share price gains in 2024.

Read more »

Accountant woman counting an Australian money and using calculator for calculating dividend yield.
Energy Shares

Is the 11.3% dividend yield on Woodside shares for real?

Are investors really in line for an 11.3% yield from this oil stock?

Read more »

a close up of a man with wide open eyes and wide open mouth holding his head and reacting in shock and surprise to some share market ews.
Energy Shares

Why is the Strike Energy share price crashing 31% today?

This energy stock has lost half of its value in a month.

Read more »

A smiling woman with a cute dog flings her arm out of the window of a car
Dividend Investing

On the hunt for passive income? Here's what you need to know about the record Ampol dividend

Following today’s record declaration, Ampol shares trade on a juicy 7.2% dividend yield.

Read more »

a man sits on a rocket propelled office chair and flies high above a city
Earnings Results

ASX 200 energy stock Ampol charging higher on record 2023 sales

ASX 200 investors are bidding up the Ampol share price on Monday.

Read more »

two workers in hard hats and high visibility gear give celebratory fist pumps while checking paperwork at a processing site with equipment in the background.
Energy Shares

2 'low risk plays' amid surging ASX uranium shares

Fund manager Monash Investors recommends two particular ASX uranium stocks.

Read more »

an oil refinery worker checks her laptop computer in front of a backdrop of oil refinery infrastructure. The woman has a serious look on her face.
Energy Shares

Woodside share price dips to two-month low upon late news announcement

The oil and gas giant has revealed a major impairment cost for FY23.

Read more »