Hydrogen and graphite production processing pioneer Hazer Group [ASX:HZR] was reporting from Perth earlier today, looking to update its shareholders on its commercial demonstration plant and related operations, including its schedule and Phase 1 testing.
The update must have resonated with shareholders on Wednesday, with the alternative energy production group experiencing a share price movement of 12% up on its last closing price.
HZR has had a rough ride in the full year, however, having declined more than 36% in share value.
It’s also down 40% in both is sector and the wider market average.
In the early afternoon, HZL shares were sitting at 56 cents:
www.TradingView.com
Hazer Group’s commercial demonstration plant on schedule for H2 2023
Hazer wished to update its shareholders regarding the progress it has made with its Commercial Demonstration Plant (CDP).
The company wished to confirm its plant remains on schedule for beginning its planned ‘hot’ operations for hydrogen and graphitic carbon, for the second half of 2023, provided installation of reactors and heat exchanger equipment are carried out efficiently.
Hazer said Phase 1 testing for the CDP is ongoing, and the group’s targeted objectives are processing as expected with the plat achieving successful gas flow.
Testing for Phase 1’s program will continue to present technical data, which will be needed for derisking its operations and maintaining a steady state of operation testing.
Hazer also noted that fabrication and delivery of equipment to the CDP is in line with its operational start-up schedule, the group relaying replacement heat exchanger material orders have been placed with Special Metals Wiggin (UK).
Another order for high temperature alloy material has also been placed with Tubacex, a global leader in the supply of high-alloyed tubular products.
Hazer is developing multiple reactor technology options for its CDP operations, looking into optimising risks and accelerating technology development for the commercial scale-up phase.
Conceptual design assessments have been completed with engineering solutions addressing design risks and as a result, detailed engineering, procurement and delivery of fabricated units have also been accelerated. This will help to align the group’s delivery with its hot operations start-up schedule.
CEO of Hazer Group Glenn Corrie stated:
‘Delivering CDP start-up this year is a strategic imperative and fundamental to demonstrating our technology at industrial scale on a continuous basis in preparation for commercial scale-up. We have spent the past few months rigorously reviewing our CDP schedule to find ways to accelerate Ready For Start Up (“RFSU”) to address the supply-chain challenges we encountered mid-last year. I’m confident we have a robust plan with built-in contingency to manage risk that has placed us on solid footing to deliver our CDP hot operations start-up in 2023.’
Mr Corrie said that the group’s strategies are ‘firmly on track’, with the group working to open its technology to a commercial scale as soon as possible, with Hazer being very eager to become a leader in the global decarbonisation industry.
Source: HZR
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