Global Energy Ventures Ltd (ASX:GEV) has appointed Greg Martin as the company’s new chair and independent non-executive director, bringing 40 years’ experience in energy, utilities, resources and financial services in Australia and internationally to the table.
As of today, Martin will replace outgoing chair Andrew Pickering, who will continue to serve as independent non-executive director.
This board switch-up follows the kick-off of the HyEnergy Hydrogen Export Study, undertaken to demonstrate the viability of compressed hydrogen as a preferred export carrier for the company’s partners.
Martin’s experience as chair of listed and unlisted companies with well-developed governance, risk management, major project management and financial management skills should serve the company well as it moves to leverage the Tiwi Hydrogen Project into a fully integrated 2.8-gigawatt hydrogen production facility.
“High calibre appointment”
“Greg Martin is a high calibre appointment for GEV bringing over 40 years’ domestic and international experience across major energy, utilities, financial services and private equity firms with a focus on business transformation and restructuring,” Global Energy Ventures managing director and CEO Martin Carolan said.
“Greg adds to and complements the skills, experience and composition of the existing board, with GEV to benefit from Greg’s track record of growing businesses and delivering significant shareholder returns in both executive and non-executive roles over the course of his career.
“GEV undertook an extensive search for a suitable candidate to bring energy and drive to the group and I feel Greg’s appointment will play an important role in the growth of our company given his deep expertise in a range of domestic and international public and privately held companies across sectors and company sizes.”
Martin’s prior board and executive roles include Spark Infrastructure Group (ASX:SKI), Santos Limited, the Australian Energy Market Operator Limited, Energy Developments Limited, Challenger Financial Services Group, Natural Gas Corporation of New Zealand and The Australian Gas Light Company.
“Opportunity to grow into a global business”
Commenting on his appointment Martin said: “I am delighted to be joining a company that has reached an exciting stage in the development of its innovative IP and hydrogen projects.
“GEV has an opportunity to grow into a global business by addressing one of the industry’s key challenges which is an efficient and competitive delivered cost of green hydrogen using bulk marine carriers.”
Global Energy believes it now has the depth and diversity of skill and experience from its board necessary to support and enhance strategic decision making and guide the direction and growth of GEV.
Non-executive director and current chair Andrew Pickering said: “I welcome Greg to the board and believe he will make a valuable contribution to the next stage of the company’s growth.
“Greg’s skills, global network and significant public company experience make him an ideal chair, and together with the other directors, we look forward to working with him.”
Operational highlights for quarter
HyEnergy Export Project
- Began Export Study on the HyEnergy Hydrogen. Key consultants have already been engaged and the study is fully underway. The company intends to complete the feasibility study in the June 2022 quarter; and
- Executed the HyEnergy financial contract, delivered first milestone as part of the $300,000 grant fund provided by the Western Australian Government’s Renewable Hydrogen Fund. The payment was received in January.
Tiwi Green Hydrogen Export Project
- Announced the development of a 2.8 gigawatt green hydrogen export project on the Tiwi Islands, Northern Territory; and
- GEV strategically transitioned from a midstream shipping company into a fully integrated green hydrogen producer and exporter of renewable energy to regional Asian markets.
Shipping engineering and approvals
- American Bureau of Shipping (ABS) issued its Approval in Principle (AIP) for GEV’s pilot compressed hydrogen ship with a 430-tonne cargo capacity; and
- Launch of the 2022 compressed hydrogen ship development program, with Capilano Maritime and Wärtsilä awarded the Contract Design Package due for completion scheduled mid-2022.
Corporate
- Board changes with the appointment of global shipping executive David Palmer as a non-executive director; and
- Completion of a $10.5 million capital raising by way of a placement and share purchase plan. Cash balance at quarter end was $14.6 million.