In Australia, Lion Energy said it has entered into a definitive joint development agreement with DGA Energy Solutions Australia (DGA), a wholly owned subsidiary of Mitsubishi Corporation, and Samsung C&T Corporation to jointly develop its green hydrogen hub at Port of Brisbane. Under the signed agreement, DGA and Samsung C&T will initially pay a total of $2.5 million to Lion for historical and ongoing pre-construction costs. In return, DGA and Samsung C&T will each become entitled to 25% interest in the project. DGA and Samsung will procure debt financing for a total amount of $4.07 million. It is expected that the overall funding commitment associated with the joint development agreement will satisfy the capital requirement to complete the project, Lion said. As a result of the joint development agreement and subject to the parties agreeing to commence construction, the project company, Lion H2 Energy Pty Ltd, shall be owned in the following proportions: Lion Energy 50%, DGA 25% and Samsung C&T 25%. “We are delighted to partner with DGA and Samsung, who bring to the project a wealth of experience in their respective fields. Their interest reflects a confidence not only in the significant potential for green hydrogen in Australia but also in Lion’s capabilities. For Lion, the transaction results in the Project being funded and will allow us to allocate existing and future capital for new projects,” said Tom Soulsby, Lion’s Executive Chairman.
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