Lochard Energy announces that it has been awarded a $2 million grant by the Australian Renewable Energy Agency (ARENA) as part of its Advancing Renewables Program.
This significant funding will support a comprehensive $6.3 million feasibility study for the innovative H2RESTORE Project, aimed at exploring the potential for underground hydrogen storage in Victoria’s Otway Basin.
The H2RESTORE Project, initiated by Lochard Energy, seeks to enhance the National Electricity Grid (NEM) by enabling seasonal energy shifting and addressing gaps in electricity supply. The project stands at the forefront of renewable energy solutions, proposing to utilize Lochard Energy’s existing gas reservoirs near Iona for the safe and efficient underground storage of hydrogen.
Thanks to ARENA’s generous contribution, complemented by Lochard’s investment of $4.3 million, our team will embark on an 18-month journey to meticulously assess the technical and commercial feasibility of this groundbreaking initiative. The study aims to pave the way for the development of a pilot facility, showcasing Lochard Energy’s capability to revolutionize energy storage methodologies.
In the coming months, Lochard Energy is committed to engaging with the local community and stakeholders, ensuring transparency and open communication regarding the project’s progress and potential impacts. “We are immensely grateful for ARENA’s support, which underscores the transformative potential of the H2RESTORE Project in redefining energy storage and utilization,” said Tim Jessen, CEO of Lochard Energy. “This funding marks a crucial step in our journey to demonstrate the viability of underground hydrogen storage as a key enabler for the transition towards a more sustainable and reliable energy future.”
The H2RESTORE Project is poised to play a vital role in buffering the electricity grid against seasonal fluctuations in renewable energy generation and facilitating a smooth transition from coal-based power generation. Lochard Energy, in collaboration with ARENA, is excited to contribute to the advancement of renewable energy technologies and drive progress towards a greener, more resilient energy landscape in Australia.
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