Australia-listed Global Energy Ventures (GEV) has revealed a plan to build and own four newly designed compressed natural gas (CNG) carriers.
It raised AUD 4.7m ($3.3m) in a share sale this week to complete development of the CNG 200 Optimum design after receiving class approval from ABS.
This follows three years of work on the project, it said.
It will go out to shipyards once a final investment decision (FID) is approved by the GEV board.
It will also finalise technical specifications and evaluate financing options. It has not ruled out building the ships at more than one yard.
"The design can now be turned over to a shipyard for detailed engineering, fabrication and construction," it said.
CNG is gas stored under pressure and, unlike LNG, does not require complex and expensive liquefaction facilities, GEV added.
The Optimum design maximizes the amount of CNG that can be stored within the hull of a ship, using a containment system built using close-packed, high strength pipes that run the entire length of the ship’s cargo hold.
"The invention of a mechanism to clamp these gas storage pipes so tightly together that they become locked together as one allows this design to meet all classification requirements," it said.
GEV's cash now stands at AUD 6.5m. It did not reveal the newbuilding costs.
