An agreement to build Australia’s first hydrogen energy facility in Springfield City has been established between LAVO, the Sydney-based technology and lifestyle company, and property developer, Maha Sinnathamby.
The $20 million deal will see 40 hectares of Springfield City, owned by the Springfield City Group (SPG), developed into a business park with a hydrogen energy plant.
Set to begin construction at the end of 2021, the facility is expected to create 200 local jobs. Once finished in early 2022, the plant will start production of the hydrogen fuel cells, which will bring in additional 50 jobs. The investment for this deal is projected to generate $30 million in annual revenues.
LAVO’s hydrogen energy storage system is sized like refrigerators with a 30-year lifespan and a storage capacity three times greater than other alternatives in the market. The energy company developed this technology as the “first and only commercially-ready” hydrogen energy storage system for homes and businesses in the world.
“I am pleased to welcome LAVO as a strategic sustainability partner to Springfield City and look forward to their support as we work towards producing more energy than we consume by 2038,” Mr Sinnathamby said in a press statement.
“As our relationship grows, we look forward to exploring many more opportunities to apply LAVO’s innovative technology and expertise more broadly to deliver on our blueprint for a clean-green future.
“We will work closely with LAVO to identify co-development opportunities, including the integration of LAVO technology into utility scale solar farms developed in Springfield City.”
Springfield City has been planned as a green space using 100 percent renewable power resources with widespread electric vehicle (EV) charging stations and a hydrogen-powered bus network
The agreement comes as hydrogen technology has been booming in demand globally, with an annual investment forecast of $150 million, which could grow to $2.5 trillion in 2050.