CEO Morning Brief

MHB Unit Inks MOU With FuelCell Energy to Develop Large-scale Electrolyser Plants for Green Hydrogen Production

Publish date: Fri, 17 Feb 2023, 08:32 AM
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TheEdge CEO Morning Brief
MHB unit inks MOU with FuelCell Energy to develop large-scale electrolyser plants for green hydrogen production

KUALA LUMPUR (Feb 16): A wholly owned subsidiary of Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) has signed a memorandum of understanding (MOU) with FuelCell Energy Inc to collaborate on the development of large-scale electrolyser facilities in Asia, New Zealand and Australia intended to power hundreds of thousands of homes with green hydrogen.

In a statement on Thursday (Feb 16), the companies said the facilities are being designed to greatly boost the efficiency of producing green hydrogen while reducing the cost.

"Together, the companies expect to deliver electrolyser equipment to make large-scale clean hydrogen production an easily accessible and viable energy option," they said.

The companies said the collaboration aims to tackle the stumbling blocks to producing green hydrogen, namely the cost of input electricity and the capital cost of the production facilities.

FuelCell Energy's solid oxide technology needs lower energy input compared to lower efficiency and low-temperature electrolysis, while MHB's ability to modularise and build at scale is expected to lower the total capital cost of large-scale electrolyser projects.

“We recently announced that we are accepting orders for our solid oxide electrolyser platform, the result of 20 years of research and development and testing. This collaboration with MHB is the next significant milestone, as we prepare to offer green hydrogen production for energy at a very large scale and lower cost,” said FuelCell Energy chief commercial officer Mark Feasel.

“We are excited about this collaboration, and look forward to working together to help decarbonise the globe," he added.

Meanwhile, MHB managing director and chief executive officer Pandai Othman said: "In addition to our involvement in carbon capture and storage space, we recognise that hydrogen also increasingly plays an important role in energy transition and decarbonisation."

"MHB is extremely pleased to be a go-to-market partner to FuelCell Energy to provide a solution in expediting the production of hydrogen-fuelled clean energy. This MOU is part of MHB’s deliberate move to build a sustainable portfolio supporting the transition to a low-carbon future through collaboration with technology partners.

“We are optimistic that both companies will empower global industries in their goals to achieve net-zero emission targets.”

MHB shares closed half a sen or 0.68% lower at 73 sen, giving the group a market capitalisation of RM1.17 billion.

Source: TheEdge - 17 Feb 2023

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