Sparc Technologies Limited, a South Australian technology solutions company, has entered a joint venture with Fortescue Future Industries (FFI) and the University of Adelaide to deliver a commercially viable green hydrogen via photocatalysis.
The Sparc Green Hydrogen Project is centred on a green hydrogen technology developed by the University of Adelaide and Flinders University. FFI is also providing support for the research, development and commercialisation of the technology.
“Sparc’s announcement last week was the culmination of over 4 months of challenging work between the JV partners including detailed technical due diligence, negotiation and execution of a number of key agreements to form Sparc Hydrogen,” Sparc executive chairman Stephen Hunt said. “It is pleasing to now have satisfied all conditions to complete the transaction and to work with FFI and the University of Adelaide to further progress this exciting project.”
According to Hunt, including FFI in the joint venture will add enormous value in terms of project development, technology and commercialisation capabilities.
“These attributes, combined with the University of Adelaide’s research experience and unique skills with photocatalytic water splitting, together with Sparc’s project management and graphene expertise, makes for a formidable combination in this transformational green energy technology.”
Sparc has also released an updated investor presentation on the Sparc Green Hydrogen Project to the ASX. The novel photocatalytic water splitting technology that Sparc Hydrogen now controls has the potential to revolutionise hydrogen production, a market projected to grow 6-fold by 2050 from US$150 billion currently to US$1 trillion.
Should the results from the staged research and development program be conducted at the University of Adelaide progress as planned, Sparc Hydrogen will have an advantageous position over conventional green hydrogen developers; not only potentially in terms of cost of production, but also scalability and the ability to produce hydrogen in remote, off-grid locations.
Sparc Technologies is aiming to have a commercially ready technology targeting sub $2/kg production costs at the completion of the program.
Project work commenced on 1 December 2021. Its progress to date includes:
- Key equipment for the project was ordered in December. Delivery is expected in March/April 2022;
- A preliminary Techno Economic Assessment (TEA) of the technology has commenced. This is expected to demonstrate the strong economic potential of the technology subject to the achievement of certain solar to hydrogen efficiency improvements from ongoing research and development work;
- Sparc collaborating with the University of Adelaide with the aim to develop graphene related materials to enhance the production of commercially viable green hydrogen via photocatalysis; and
- The reimbursement from Sparc Hydrogen to Sparc Technologies of $510,000 will be made from FFI’s initial payment.