What NoviqTech’s First Long-Term Commercial Contract Means

This week, NoviqTech signed its first ever long-term commercial contract with Power Synch to monitor real-world green hydrogen production in the United States. Power Synch was created by American PowerNet, an independent energy management firm that developed the first wholesale electric procurement structure over fifteen years ago and has been assisting large institutions and corporations purchase power directly from generators and wholesale marketers ever since.

Power Synch is the lead partner in a hydrogen hub and will be responsible for claiming the green hydrogen tax credit under the Inflation Reduction Act (IRA) for all hydrogen projects within the hub. Power Synch will utilise Carbon Central to monitor and report on each kilogram of annual hydrogen production from the plants, representing over 100,000,000 tokens to be created by the Carbon Central platform annually*.

The green hydrogen tax credit introduced as part of the IRA presents a massive opportunity for Carbon Central as more and more production facilities come online across the US. As part of the Power Synch project, TYMLEZ will be integrating the Greenhouse gases, Regulated Emissions, and Energy use in Technologies (GREET) model into Carbon Central which can be leveraged by hydrogen producers across the nation to validate their own green hydrogen production emissions.

Projects such as the Donaldsonville Green Hydrogen Project and St. Garbiel Green Hydroen plant which are currently under development are examples of other projects being developed across the nation with the latter producing in excess of 1,000 tonnes/day of green hydrogen across all of its US green hydrogen projects. NoviqTech has the capability to leverage the green hydrogen tax credit by providing projects such as this with Carbon Central to help them claim the maximum of $3 for each kilogram of hydrogen that they produce. Just the latter set of projects alone would equate to AUD$500,000/day for NoviqTech*.

With the market expected to continue to grow in the lead up to 2030, we are expecting to see exponential demand for Carbon Central in the US green hydrogen industry.

This week, NoviqTech signed its first long-term commercial contract with Power Synch in an effort to monitor real-world green hydrogen production in the United States. The agreement marks a significant milestone in the journey towards a more sustainable future. American PowerNet’s contribution to this project is also commendable, as they have been helping large institutions and corporations purchase power directly from generators and wholesale marketers for over fifteen years.

*Represents a forecast and is no guarantee of future revenue. Figures are only indicative of potential market opportunities.