ITOCHU Announces Conclusion of Memorandum of Understanding for Feasibility Study on Green Hydrogen Production and Development of Supply Chain in Australia
August 18, 2021
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter "ITOCHU") announced today that it has concluded an agreement with Dalrymple Bay Infrastructure Limited (headquartered in Brisbane, Queensland Australia; Anthony Timbrell, Chief Executive Officer; hereinafter "DBI") (*1), North Queensland Bulk Ports Corporation Limited (headquartered in Mackay, Queensland Australia; Nicolas Fertin, Chief Executive Officer; hereinafter "NQBP"), Brookfield Asset Management Inc. (Head office: Toronto, Canada; Bruce Flatt, Chief Executive Officer; hereinafter "Brookfield") (*2) to conduct a joint feasibility study on the production and storage of green hydrogen in Australia, as well as the establishment of a supply chain including the export of green hydrogen from Australia.
Under this Memorandum of Understanding, the parties will jointly explore the feasibility of producing and storing green hydrogen utilizing port land at the Dalrymple Bay Terminal (hereinafter "DBT"), which is owned by the Queensland state government, and operated by DBI, and of establishing a supply chain including exporting green hydrogen using DBT's existing export facilities. The feasibility study will be conducted in phases up to the final commercial production phase, with Phase I scheduled to begin during 2021.
DBT is attracting interest as a green hydrogen production base due to its location in the center of a Renewable Energy Zone, an area in Queensland, Australia designated by the state government for renewable energy development. The Queensland state government has designated Hay Point including DBT as a priority port suitable for sustainable development, and DBT has existing export infrastructure which can be improved and expanded on to create facilities for exporting hydrogen. This makes DBT an ideal location to establish a green hydrogen supply chain.
ITOCHU has set "Enhancing our contribution to and engagement with the SDGs through business activities" as one of the Basic Policies in its medium-term management plan. Under this policy, ITOCHU aims to utilize its domestic and international networks and the knowledge it has cultivated through its business in Australia to establish a green hydrogen supply chain, including future supply to Japan, with the goal of contributing to a decarbonized society.
- *1The contracting party is DBHex Management Pty Ltd, a wholly-owned subsidiary of DBI.
- *2 The contracting party is Brookfield Infrastructure Group (Australia) Pty Ltd, a subsidiary of Brookfield.
Companies participating in feasibility study
Announcement by the Queensland state government and companies participating in the feasibility study on 18th August
Dalrymple Bay Terminal