Pure Hydrogen Corporation (ASX: PH2) is pleased to see the Australian Federal government announce a substantial investment of $2 billion in the annual budget aimed at scaling up the development of its renewable hydrogen industry.

The investment seeks to help Australia fast-track clean energy projects and further cement its place as a leader in clean hydrogen.

The injection of funds is expected to bridge the commercial gap for early-stage projects and set Australia up to become a dominant player in this fast-growing industry.

Pure Hydrogen believes it is in a strong position to leverage the momentum hydrogen is gaining as one of the front-running solutions to decarbonising the economy.

Currently, Pure Hydrogen is advancing its Moreton Bay Hydrogen Hub with the procurement of land in southeast Queensland to house the manufacturing and distribution facility.

Moreton Bay represents the initial site in a proposed network of hydrogen hubs Pure Hydrogen plans to build across Australia’s east coast.

The Company intends to begin construction at Moreton Bay this year, subject to approvals, with the plant being operational and generating revenue by 2024.

Pure Hydrogen also announced it plans to trial a hydrogen-fuelled prime mover with PepsiCo midway through 2023 at one of the beverage giant’s manufacturing sites in the City of Brisbane.

These projects form part of Pure Hydrogen’s plan to build Australia’s hydrogen ecosystem by becoming a utility that aims to be the lowest-cost producer and supplier of hydrogen.

The Company will achieve this through its capital-light structure and the strategic development of Australia’s most diverse portfolio of hydrogen projects, from production to end-use fuel cell products, such as prime movers, generators and waste trucks.