The Queensland and Australian governments are working with consortium partners to provide a $117 million investment into the Central Queensland Hydrogen (CQ-H2) Project.
The fund, which is considered one of the largest investments in green hydrogen in the nation’s history, will support the Front End Engineering and Design (FEED) for the CQ-H2 Project in Gladstone, Queensland.
The successful completion of the FEED will bring the project one step closer to a Final Investment Decision, planned for late 2024.
The CQ-H2 Project is envisioned to be capable of producing up to 800 tonnes per day of clean, green hydrogen by the early 2030s, equivalent to fuelling more than double Australia’s heavy vehicle fleet.
The Australian Renewable Energy Agency (ARENA) will provide $20 million in funding, while $15 million will be provided by the Queensland Government and the remaining $81.8 million will come from consortium partners passionate about green hydrogen.
Federal Minister for Climate Change and Energy Chris Bowen said the project will help scale up the country’s green hydrogen industry.
“The government is committed to making Australia a global hydrogen leader and projects like the CQ-H2 Project could lead the way in exporting renewable hydrogen to the international market,” Minister Bowen added.
Meanwhile, Queensland Premier Annastacia Palaszczuk said the project is excellent news for Queenslanders because it has the potential to unlock new economic opportunities by creating thousands of local jobs and generating billions of dollars in new investment.
“Because of the investments we’re making, the Queensland economy will reap the benefits of the global clean energy transition, while ensuring Queensland has more cheaper, cleaner renewable energy to power our businesses and homes,” Premier Palaszczuk stated.
According to Deputy Premier Steven Miles, the Government is working with the industry to unlock more opportunities and create more jobs as the world shifts towards decarbonisation.
“The advancement of this important hydrogen project is great news for Central Queensland, where the project could create thousands of jobs and deliver billions of dollars in economic benefit,” Stanwell CEO Michael O’Rourke said.
