European Energy announced today in the offices of Trade Investment Queensland that it has acquired a majority stake in Austrom, a company located in Queensland, with the intention of accelerating the 3,600 MW Pacific Solar Hydrogen Project in the Gladstone region.
“I believe the vast energy resources of Australia are not limited to fossil fuels but can reach far beyond that. Being a hub for renewable energy production, green hydrogen and e-fuels is the logical next step for our country” said Catriona Mcleod, Country Manager for European Energy in Australia.
“European Energy is now advancing wind and solar opportunities across the NEM, and as one of the frontrunners in e-fuels and green hydrogen I believe we are very well suited to accelerate the speed in which these projects can be realised.”
Pacific Solar Hydrogen Project
European Energy will be doing the development work as well as managing the grid process for the Pacific Solar Hydrogen Project portfolio. Austrom secured the rights to four renewable sites covering 6,000 hectares in proximity to the Gladstone export hub.
The Pacific Solar Hydrogen Project is estimated to be able to produce well over 100,000 tonnes of green hydrogen a year, using electricity which could power 1.5 million households or have one electric car drive 26 billion kilometers. This volume of renewable electricity saves more than six million tonnes of CO2-emissions, which is equivalent to a having forest with 100 million trees.
“It is one of the biggest projects that we or anyone in the world for that matter have undertaken. We do believe that it is feasible and realistic to realise this project in 2026 not least because of the willingness of the local authorities in Australia to see the possibilities of moving ahead on the green transition and become a key exporter of the fuel of tomorrow” said Thorvald Spanggaard, Executive Vice President in European Energy and Head of Project Development.
Austrade and Trade and Investment, Queensland (TIQ) state that they are pleased to welcome a major international investment in renewable energy in Queensland.
“Austrade welcomes European Energy’s investment in Austrom, as the company develops the Pacific Solar Hydrogen Project in Queensland. The project aims to both support new clean energy jobs and further grow Queensland’s outstanding renewable energy portfolio” .
Trade and Investment Queensland state that they are pleased to have supported both Austrom Hydrogen and European Energy through facilitating connections with industry and government which assisted in the completion of the agreement reached.
“European Energy is a welcome new entrant into Queensland’s hydrogen future. We wish the companies well as they work towards developing the Pacific Solar Hydrogen Project” said Acting CEO Trade and Investment Queensland, Richard Watson.
Austrom Hydrogen Pty Ltd (Austrom) is an Australian enterprise specialising in the procurement and development of large-scale renewable projects.
Austrom’s strategy includes developing a world leading 3,600 MW Pacific Solar Hydrogen Project in Queensland.
Austrom secured the rights to four renewable sites covering 6,000 hectares in proximity to the Gladstone export hub.
About the investment and the Pacific Solar Hydrogen Project
In September 2022, Austrom and European Energy agreed that European Energy would acquire a majority stake in Austrom, and the acquisition was completed in November 2022.
European Energy will be accelerating the formal development and grid connection processes for the Pacific Solar Hydrogen Project portfolio in the coming months.
Project benefits include:
– Creating new jobs and a significant opportunity to support the renewable energy workforce in Queensland and throughout Australia;
– Creating a sustainable local and export industry for regional Queensland;
– Ensuring ongoing community and local commitment to renewable energy; and
– Supporting Australia’s low emissions technology future.
Ming Ou Lü
+45 3126 9376